Binance.US market share drops to 1.5% after SEC crackdown; WisdomTree files for spot Bitcoin ETF once again; Deutsche Bank has applied for a license for crypto.
Binance US has largely lost its market share in the US after the lawsuit filed by the SEC.
The SEC claimed that the exchange was fraudulent and selling unregistered securities.
According to data provided by Kaiko, Binance US had 8.2% of the market share among US crypto exchanges at the beginning of 2023. At the end of March, this rate reached 22%. However, after the lawsuit filed by the SEC, the market share of the stock market decreased to 1.5%.
As Binance US continues to fight for the legal process, its banking and payment partners began to end their support and customers began to withdraw their funds rapidly.
Binance US, which recently agreed with the SEC not to freeze its assets, began to prepare for a costly litigation process that was thought to take quite a long time.
Coinbase, which has been subjected to similar accusations with Binance US, has also experienced a decline. While the company’s market share in the USA was 56.5% in January, it decreased to 51% in the last days of June. Kaiko stated that stock markets such as Bitstamp, Kraken and LMAX are also on the rise.
Binance US and Coinbase denied the SEC’s claims and said they were unfounded.
WisdomTree files for spot Bitcoin ETF once again
WisdomTree, which manages over $90 billion in assets, has applied for a spot Bitcoin ETF.
The company, whose previous application was rejected, is not giving up on its Bitcoin ETF efforts. The company has applied to the regulator for WisdomTree Bitcoin Trust to be listed on Cboe BZX.
The filing by WisdomTree revealed what plans the company has with this product. The company plans to value the shares daily based on the CF Bitcoin US Settlement Price.
The US Securities and Exchange Commission (SEC) had previously rejected all spot Bitcoin ETF applications. It has also approved some Bitcoin futures ETFs.
GBTC transactions increased
After BlackRock filed for a Bitcoin ETF, the transactions of Grayscale’s Grayscale Bitcoin Trust product spiked.
While the trading volume stood at $16.1 million just one day before the ETF application, it managed to reach $80 million with an increase of 400% after the application.
Deutsche Bank has applied for a license for crypto
Deutsche Bank, Germany’s giant asset manager, has taken action to expand its crypto services. The bank, which manages $1.4 trillion in assets, has applied for a license for crypto custody services.
Recently, the crypto industry has been awash with bad news in a row. However, Deutsche Bank’s application for a license to expand its crypto services is the kind of thing that will break the bad mood in the industry to some extent.
David Lynne, who heads Deutsche Bank’s commercial banking department, made statements about the company’s decision to expand its crypto services at a conference held as of June 20. “We are improving our digital assets and custody activities,” Lynne said.
However, Lynne announced that they have officially submitted their application to Bafin for a digital asset license.
Deutsche Bank’s corporate banking departments have signaled their plans to offer crypto custody services in 2020. Nowadays, the company continues to realize the signals it has given step by step.
On the other hand, a positive news for the crypto money market recently came from BlackRock. Giant asset manager BlackRock applied for a spot Bitcoin exchange-traded fund (ETF) on June 15.
Encouraged by BlackRock, digital asset management company Bitwise also filed for a Bitcoin ETF on June 17.