The post Binance’s Downfall: How the SEC’s Actions Spell Trouble appeared first on Coinpedia Fintech News
Over the past few weeks, the cryptocurrency market has seen a steady trend. After the FTX collapse caused a global meltdown late last year, crypto prices have been gradually recovering, indicating a recovery path to financial recovery. However, the largest cryptocurrency exchange Binance, might be in trouble, if a recent report by Bloomberg is to be believed.
There have been several causes of concern for Binance users due to the increased regulatory scrutiny by US regulators. According to the report, Binance has been continuously losing its dominance in the crypto market. In the past few weeks, its market share in spot trading has decreased, allowing other exchanges like OKX, Huobi, and Bybit to gain market share.
The US Securities and Exchange Commission (SEC) and the New York State Department of Financial Services (NYDFS) have taken action against Paxos, which led to the
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