Binance.US, the U.S.-based subsidiary of the world’s largest crypto exchange, has seen an exodus of users over the last few weeks. 

In a recent data debrief, crypto research firm Kaiko found that Bitcoin, Ethereum and several other cryptocurrencies traded at a discount on the exchange last week. As of June 28, the BTC/USD pair was trading at a 3% discount and ETH/USD was trading at a 2.8% discount.

U.S. dollar pairs for stablecoins like USDT and USDC, and major tokens including BNB, and MATIC, also traded at discounts of between 2% and 3%, while SOL and VET saw discounts of 3.5% and 4.5%, respectively. 

Binance.US announced its decision to transition to a crypto-only exchange following a lawsuit from the U.S. Securities and Exchange Commission (SEC) on June 5. In an announcement last week, the exchange notified users that it would be removing most USD trading pairs by June 26, urging users to withdraw their fiat currency or convert it into stablecoins on the platform.

Kaiko analysts noted that while there were occasional discounts for certain trading pairs after the lawsuit was announced, these discounts became more prominent after the Binance.US announcement last week.

“Currently, the exchange still lists ten USD-denominated pairs. However, liquidity has deteriorated significantly, resulting in average daily trading volumes plummeting from $450mn to $20mn,” stated Kaiko analysts in the report.

The exchange also saw its market share in the U.S. become increasingly depleted through June, reaching its lowest point to date. Meanwhile, Coinbase’s market share jumped to the highest level since January.