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Repercussions of SEC Action on US Crypto Exchanges
According to the Crypto Exchange Report 2023 Q1, the top 15 exchanges recorded a total volume of $10.8 trillion, a 40% increase as compared to 2022 Q4. The Crypto Market recovered this year, with Bitcoin price skyrocketing over 70%.
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Binance, OKX, Bybit, Bitget, MEXC, Gate, KuCoin, Upbit, Coinbase, and Huobi were the top 10 Crypto exchanges in terms of trading volume. US-based Crypto exchanges Coinbase, Kraken, and Binance.US lost major market share in the 2023 Q1.
Earlier, Coingecko also reported a continuous decline in trading volume on Coinbase from 7% in January to 5% in March. Meanwhile, trading volume on Crypto exchanges outside the U.S. rising due to the regulatory crackdown against crypto in the US. The U.S. House Financial Services Committee is currently investigating potential Operation Choke Point-type action by agencies such as the Fed, FDIC, and OCC to de-bank the Crypto Market.
Crypto spot trading volume jumped 18.1% to $2.8 trillion in Q1, with DEXs outpacing CEXs due to increased scrutiny over centralized exchanges following the collapse of FTX. Interestingly, crypto exchanges in the U.S. such as Coinbase have failed to capitalize on the FTX fallout, with trading volumes actually dropping.
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Also Read: BTC Price Declines Signal “Overheated Bull Phase” Before Bitcoin Halving
US Crypto Firms Moving Offshore
Crypto companies including Coinbase and Kraken earlier hinted at the possibility of moving offshore due to a lack of regulatory clarity. Coinbase and Kraken are fighting against the U.S. SEC’s misguided regulatory enforcement in the US.
Circle CEO Jeremy Allaire blames the US crypto crackdown for USDC losing market share. He said investors are pushing to “de-risk out of the US” amid regulatory uncertainty and banking crisis.
Also Read: Crypto Market Braces For $4.6 Billion Bitcoin and Ethereum Options Expiry