Binance.US, the American arm of Binance, has seen a significant drop in market depth and share following the U.S. Securities and Exchange Commission's legal action against Binance. Market makers and traders have left the exchange, causing liquidity to dry up and Bitcoin to trade at a premium of $234 on Binance.US compared to Coinbase.

Binance.US has also suspended all forms of USD trading, resulting in a sharp dip in trading activity and a drop in market share from 20% in April to below 5% as of 12 June. Meanwhile, Coinbase's share of the market has soared from 46% to 64%, with no clear explanation.