U.S. crypto traders hit $2.4T volume—but offshore exchanges still dominate
The U.S. has become a major force in crypto trading, with users driving over $2.4 trillion in fiat-to-crypto volume between July 2024 and June 2025. Despite this activity, offshore exchanges like Binance continue to dominate the global market, handling a significant share of transactions outside U.S. oversight. American traders pushed more than $1 trillion in crypto volume during the first seven months of 2025 alone. Yet, offshore platforms remained the preferred choice for many, with Binance holding roughly 38% of the global spot market share by late 2025. This dominance highlights the gap between U.S. trading activity and the platforms handling it.
Coinbase, the largest U.S.-based exchange, accounted for less than 7% of global spot volume in the same period. Meanwhile, offshore venues have drawn scrutiny for enabling sanctioned actors—particularly from Russia, Iran, and North Korea—to move funds beyond U.S. regulatory reach.
In response, the proposed CLARITY Act has gained traction, securing support from 52% of U.S. voters, including majorities from both major political parties. The bill aims to create a federal registration system for digital asset exchanges and intermediaries, addressing concerns about oversight and illicit financial flows. The U.S. remains a key player in crypto trading, but much of the activity still flows through offshore exchanges. With the CLARITY Act gaining bipartisan backing, regulators may soon tighten controls over digital asset platforms. The outcome could reshape how global crypto markets operate under U.S. jurisdiction.
