Coinbase’s market share rose to its highest point since January 2023 in June, despite a lawsuit against the company by the U.S. Securities and Exchange Commission, according to Kaiko. data.

Coinbase has consistently managed about 50% of trading activity on US-regulated exchanges since the beginning of the year, according to the chart below. But its market power surged in June, reach the peak 64% after the SEC sued the company and Binance for violating federal securities laws.

Coinbase market share
Source: Silkworm

Meanwhile, other US platforms such as Kraken and Bitstamp also increased their market share during this period.

Traditional Financial Institutions Still Continue to Trade with Coinbase

Despite the SEC lawsuit, several traditional financial institutions, including BlackRock, Fidelity, and ARK Investments, have signed oversight sharing agreements with Coinbase for spot Bitcoin exchange-traded fund (ETF) applications.

BlackRock, the world’s largest asset manager, has chosen Coinbase Custody as the custodian of its trust’s BTC holdings.

Messari founder Ryan Serkis was suggested These partnerships underscore Coinbase’s legitimacy as a U.S. financial institution and demonstrate the growing acceptance of cryptocurrency companies in the traditional financial sector.

XRP Pro-Lawyer John Deaton backed up Selkis added that more than 2,000 Coinbase users “are on board because they potentially seem to be.” Amici Curiaeand SEC lawsuits against cryptocurrency companies.

Court briefs, commonly known as “friends of the court” briefs, are written submissions made by individuals or organizations not directly involved as plaintiffs or defendants in a lawsuit, but who have a material interest in the matter. It’s a calligraphy. The purpose of court briefs is to provide the court with additional perspectives and opinions that may influence the final legal decision.

Binance’s US Market Share Evaporates

The SEC lawsuit appears to have had a severe impact on Binance US, with the company’s market share plummeting from its April peak of 20% to less than 1%.

Binance US, migrating to a crypto-only platform, is facing significant liquidity issues after partner banks shut down US dollar settlement channels, posing operational challenges and impacting market position is giving

On June 21, BTC was flush pumped to $138,000 due to shallow market depth. Until then, this flagship digital asset traded at his 3% discount on the platform compared to other competing exchanges.

Despite the SEC action that first appeared on CryptoSlate, Coinbase’s market share is rising.

By Jules

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