Binance.US is rapidly losing cryptocurrency market share in the U.S

Analyst firm Kaiko has released insights showing that Binance.US's share of the U.S. cryptocurrency market has shrunk to its lowest level in two years.
According to the leading provider of digital asset market data, Binance.US now owns just 2.7% of the cryptocurrency market segment, largely due to the litigation the exchange is embroiled in.
On June 5, the Securities and Exchange Commission (SEC) sued Binance.US, Binance and its CEO Changpeng Zhao, accusing them of violating 13 articles of the law.
According to The Block, trading volume on Binance.US has been on a downward trend for three months. The cryptocurrency exchange's trading volume was $17.6 billion in March, $15.2 billion in April, and $5.9 billion in May.
In addition, Binance.US accounted for 16.1% of the total spot trading volume among dollar-backed exchanges in April, but that dropped to 8.5% in May and is now around 5.4%.
We previously wrote that Binance.US was working with the SEC on an agreement that would allow it to avoid a total asset freeze.