Share this article
Binance.US Market Depth Declines 76% in June Following SEC Lawsuit
Binance.US’s market depth has dropped in June as market makers are fleeing the exchange following the SEC’s lawsuit.
Updated Jun 12, 2023, 3:34 p.m. Published Jun 12, 2023, 3:29 p.m.
Binance.US is witnessing market makers and traders flee the exchange en masse following last week’s U.S. Securities and Exchange Commission lawsuit against it, alleging multiple securities violations.
Just one week after the lawsuit, liquidity, which is measured by aggregated market depth for 17 tokens on Binance.US, has dropped 76%, according to a report by Kaiko. The U.S. arm of Binance also saw its U.S. market share drop to 4.8% from 20% in April.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The day before the lawsuit, June 4, market depth was at $34 million, whereas on Monday, market depth was at $7 million, according to the report.
The SEC sued Binance, the operating company for Binance.US and founder and CEO Changpeng "CZ" Zhao. Binance global also witnessed a drop in market depth, dropping 7% since the start of June.
“Binance's market depth initially held steady, even increasing in the immediate aftermath of the lawsuit, but over the weekend fell as altcoin markets sold off,” said the Kaiko report.
Binance isn’t the only exchange suffering from a drop in market depth. U.S.-based Coinbase, which was also sued by the SEC last week, saw its liquidity drop by 16% over the same time period.
“The sharp drop in liquidity suggests market makers are nervous and want to avoid volatility-induced losses and the non-negligible possibility that their assets could get stuck on an exchange à la FTX collapse,” said the Kaiko report.
The report noted that although Binance.US’s market share dropped to 4.8% in June, Coinbase’s market share increased over the past week from 46% to 64%, for reasons that are unclear, said Kaiko.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
From Lockstep to Lag, Bitcoin Poised to Catch Up With Small Cap Highs
The Federal Reserve begins Treasury bill purchases later Friday, starting with $8.2 billion as part of its reserve management program.
What to know:
- The Russell 2000 index has pushed to new all time highs alongside strength across U.S. equities and metals, while bitcoin remains 27% below its peak, marking a rare divergence after years of moving in sync.
- With small-cap stocks highly sensitive to falling interest rates and 2026 earning-per-share growth expectations near 49%, according to Goldman Sachs, improving macroeconomic conditions could realign bitcoin and crypto with small-cap strength.
- The Federal Reserve starts Treasury bill purchases today with an initial $8.2 billion operation, the first step in a $40 billion reserve management program running until April.
Top Stories
