Cointime

Cointime

Download App
iOS & Android

Potential Impact of CFTC’s Lawsuit on Binance.US Users

Validated Project

How Many Users Does Binance.US Have?

Binance, one of the largest centralized cryptocurrency exchanges globally, has around 0.67 million users in the US as of February 2023. The exchange has a country-specific website, Binance.US, which received around 2.18 million visits in the same month.

In other words, at least half a million US retail investors in crypto might potentially be affected, after the US Commodity and Futures Trading Commission (CFTC) filed a lawsuit against Binance on March 27, 2023. As the CFTC’s lawsuit against Binance unfolds, it remains to be seen whether Binance will lose its market share in the US, with users possibly switching away from the exchange.

The number of Binance.US users had increased by 16.4% month-on-month (MoM) compared to the 0.58 million users recorded at the start of the year in January 2023. This came even as the US Securities and Exchange Commission (SEC) ordered Binance USD (BUSD) issuer Paxos to stop offering the stablecoin. Binance had made BUSD the default stablecoin in September 2022, by automatically converting USDC Coin (USDC), USDP and TrueUSD (TUSD).

Prior to that, monthly Binance.US users had increased to 0.85 million in November 2022, when activity in the crypto market picked up amid the collapse of Sam Bankman-Fried’s FTX and its resulting contagion. Even with the exit of competitor FTX, the number of Binance.US users declined in the next two months.

Despite the slight recovery last month, the number of Binance.US users is still down by 25.6% over the past year, having remained below the 0.91 million users in March 2022. Binance has had fewer users in the US since then, due to crypto winter and the overall macroeconomic challenges that shifted retail investors into a more risk-averse mode.

Methodology

The study examined monthly unique visitors to Binance.US based on Similarweb data from March 2022 to February 2023.

(By Lim Yu Qian)

Read more: https://www.coingecko.com/research/publications/binance-us-monthly-users

BNB BNB $590.85
+0.47%
Binance Binance.US CFTC
Comments

All Comments

Recommended for you

  • Cointime May 5th News Express

    1.The Federal Reserve reduced its balance sheet by $77 billion in April, and the size of its balance sheet fell below $7.4 trillion2.Former Bitmex CEO: Bitcoin will trade between $60,000 and $70,000 before August 3.SLERF total destruction exceeds 7 million USD4.ether.fi large staker initiates pledge withdrawal application for 37,140 ETH5.Web3 digital asset company Alpha Transform Holdings makes strategic investments in Arhasi and Cloudbench 6.A trader spent 402 ETH to buy 732,326 FRIEND, with an unrealized profit of $653,0007.A certain address has sold a total of 677,197 FRIEND airdrops through BunnySwap, making a profit of approximately $1.15 million8.A multi-signature wallet withdrew 915.85 billion PEPE from Binance9.The NFT project Blob team engraved the rune EPIC•EPIC•EPIC•EPIC on the Epic Satoshi block of Bitcoin’s fourth halving10.On-Chain Analyst Predicts Six to Twelve Months of 'Parabolic Advance' for Bitcoin

  • Cointime May 4th News Express

    1. Hong Kong Bitcoin Spot ETF has held 4,218 BTC since its listing three days ago

  • Blockchain Asset Management announces launch of a dedicated blockchain fund for accredited investors

    Blockchain Asset Management, a cryptocurrency fund with a scale of $100 million, announced the launch of an exclusive blockchain fund for qualified investors. The specific amount of funds raised by the fund has not been disclosed yet, but it is said to have reached "eight figures", which means it is in the tens of millions of dollars. In addition, the investment threshold for the new fund is $100,000, and all investors are required to meet the approved standards (annual income exceeding $200,000, net assets exceeding $1 million).

  • Renault's BWT Alpine F1 Team announces partnership with ApeCoinDAO

    The BWT Alpine F1 team under Renault announced a partnership with ApeCoinDAO on X platform, which will introduce APE into the Alpine F1 ecosystem and collaborate with global token holders to launch peripheral products and digital assets inspired by the first ApeCoin. It is reported that according to the cooperation between the two parties, in the future, BAYC NFTs may be able to wear equipment and clothing with the Alpine team logo.

  • BTC breaks through $63,000

    The market shows BTC has broken through $63,000 and is currently trading at $63,014.9, with a daily increase of 6.11%. The market is volatile, so please exercise caution in risk management.

  • The total gas consumption on the Base chain exceeds 10,000 ETH

    According to the blockchain analysis platform Dune Analytics, the total gas consumption on the Base chain has exceeded 10,000 ETH, reaching 10,839.5062 ETH at the time of writing (equivalent to over $33.6 million at current prices). The average gas usage amount is about $0.1754 per transaction (0.000059661 ETH), and the total number of blocks has reached 13.41 million, with an average transaction volume of about 14.63 transactions per block. In addition, the data shows that the total transaction volume on the Base chain has exceeded 196.2 million, with over 8.366 million users and over 184 million user transactions at the time of writing. Furthermore, the total number of contracts created on the Base chain has exceeded 64 million, reaching 64,056,573 in the current period.

  • A wallet received 2,000 ETH from Alemeda/FTX

    As monitored by The Data Nerd, 6 hours ago, wallet 0xaEa received 2,000 ETH (approximately $6.23 million) from Alemeda/FTX. Within a week, it received a total of 8,000 ETH (approximately $24.71 million) from Alameda and deposited 6,000 ETH into Binance.

  • A single transaction with a transaction fee of up to 1.5 BTC appeared on the Bitcoin chain

    According to on-chain data tracking service monitoring , there has been a single transaction on the Bitcoin network with a transaction fee as high as 1.5 BTC, worth about $100,254. It is reported that the sender of the transaction is an address starting with "bc1p4n" and the recipient is an address starting with "bc1pqv".

  • 2 wallets deposited 211 billion SHIB into Coinbase within 10 hours

    According to The Data Nerd's monitoring, within 10 hours, 2 wallets (with the same amount of SHIB) deposited a total of 211 billion SHIB (about 5.16 million US dollars) into Coinbase. These wallets accumulated these SHIBs last week, and if sold at the current price, it would cause a small loss (about 120,000 US dollars).

  • USDT issuance on TON chain reaches $100 million

    According to official data, the issuance and circulation of USDT on the TON chain has reached 100 million US dollars, making TON the fastest-growing blockchain for Tether USDT issuance in Web3 history.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company