As the market share of Binance.US dropped to around 1%, customers expressed frustration that ACH withdrawals from the exchange were delayed.
Many users have shared their experiences of pending transactions that remain unresolved after many days.
Binance.US has faced a significant amount of withdrawal requests after the company advised users to withdraw their USD balances by June 13. The exchange attributed this decision to the sudden cessation of banking partners from providing a USD payment channel.
BINANCE.US FEEDBACK
The Binance.US response email shared on Twitter shows that the exchange is reporting that the volume of withdrawal requests is causing delays. According to this email, the exchange has processed over 85% of the 285,000 withdrawal requests it has received. This could indicate that the exchange is facing a large amount of withdrawal requests and it takes time to process them.
Binance.US exchange stated that restricting access to the accounts of banking partners before the Court heard the SEC’s freeze request added to the aggravation of the situation. Both Binance.US and the SEC have agreed that customer assets will be controlled and directed solely by exchange staff.
Currently, Binance.US has not yet responded to a request for additional comment from BeInCrypto.
BINANCE.US MARKET SHARE DOWN TO 1%
According to data from Kaiko, Binance.US’ market share among US exchanges has plummeted to just 1% following the lawsuit, which is a significant drop from the 20% recorded in April. . During that time, CEO Changpeng Zhao ‘CZ’ pointed out that the US subsidiary of Binance achieved 41% of the trading volume compared to Coinbase.
The SEC lawsuit has had a negative impact on liquidity on Binance.US, with some wealthy individuals selling their Bitcoins at a discount of up to 15%. This shows that the market is struggling and large investors are making short trades at lower prices to get out of the uncertain situation.
LEGAL PROBLEMS WIDE LAND IN MANY REGIONS
Binance is facing legal difficulties not only in the US but also in other regions. In the past week, the exchange has left two European markets, the Netherlands and Cyprus, and is under investigation in France.
In the Netherlands, Binance was unable to obtain a license as a digital asset service provider (VASP). However, the exchange had the best deal possible with the authorities in this case.
In France, the Paris prosecutor’s office is investigating Binance for alleged “serious money laundering” and unauthorized provision of cryptocurrency trading services before the Binance subsidiary was registered. However, CZ has confirmed that Binance fully cooperates with this investigation and that its subsidiary will continue to be Binance’s leading hub in Europe.
see more : BUSD has dropped to fourth place among the top stablecoins.