.BinanceUS is facing allegations of wash trading -- a tactic used to inflate trading volumes
since 2020, highlighting evidence of hundreds of millions of dollars in profits from the cryptocurrency exchange.
The regulator recently filed a lawsuit against Binance's U.S. and global entities and their CEO, Changpeng Zhao, alleging the operation of unregistered securities exchanges., following a lawsuit from the U.S. Securities and Exchange Commission, Binance.US's market share has reportedly declined to less than 1%, with customers being asked to withdraw their funds.
Meanwhile, despite regulatory challenges, the parent exchange, Binance, maintains a significant portion of the global market share at 52%, down from 60% at the start of the year.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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