Binance and Coinbase, the two of the largest crypto trading platforms, have now been in direct competition for some time, with Coinbase being in a slightly better position. However, as it usually goes, there is no way of knowing when the situation might change.
Blockware Solution’s lead insights analyst Will Clemente analyzed the number of Bitcoin (BTC) coins held through Binance and Coinbase.
Coinbase is an older exchange than Binance (founded in 2012) and had been in the lead for several years now. This has now changed, however, as Binance managed to outrun its competition.
This recent success can be ascribed to Binance's PR focus on high-profile partnerships, such as their partnering with football star Cristiano Ronaldo on a multi-year NFT deal, or their collaboration with famous TikTok creator Khaby Lame that had to do with raising awareness of the crypto sector.
Meanwhile, Binance’s American affiliate, Binance.US, has launched zero-fee trading for Bitcoin. Binance.US CEO Brian Shroder said that based on the plans to eliminate the charges for more tokens in the future, they would generate positive user sentiment that would bring new clients to the exchange.
Currently, Binance has become the largest crypto exchange globally with13,5 million active users, while also receiving full regulatory approval in Dubai in March, Bahrain, France, and Italy in May, as well as Spain in July.
