Binance Flips Coinbase to Become the Exchange With the Most BTC Held Worldwide

Amidst the uncertainty of the cryptocurrency market, crypto traders and investors are also wary of which exchange they are using to trade their digital assets, making reference to the recent holdings of the two largest crypto trading platforms – Binance. There have been some interesting observations. and Coinbase.

especially, blockware solution Posted by Lead Insights Analyst Will Clemente on Jul 18 glassnode Chart Which compares and compares changes in bitcoin (BTC) balances on the Binance and Coinbase exchanges over time.

Coinbase vs Binance BTC Balance. Source: Will Clemente

As it happens, Clemente has noticed that Binance and Coinbase trade places that have the most bitcoins of any exchange.

Indeed, until recent times, Coinbase, the older exchange of the two (established in 2012), was in a solid lead, but the situation flipped in favor of Binance, which joined the crypto market in 2017.

Why the sudden change?

There are several possible reasons why Binance has changed its position to hold more bitcoins and why people are finding the exchange a more conducive place to sell their crypto and exchange fiat or other assets.

One of them is increased public trust due to Binance’s public relations (PR) efforts, as well as high-profile partnerships, including a multi-year NFT deal with football star Cristiano Ronaldo and an awareness-raising collaboration with famed Italian-Senegalese TikTok. is included. Manufacturer Khabi Lang in June.

At the same time, Binance’s US affiliate, Binance.US, launched zero-fee trading at the end of June for 13 bitcoin spot trading pairs “in order to generate positive user sentiment that will bring us new users” with plans to eliminate fees. began. More tokens in the future on top of its traditionally low fees, according to Brian Schröder, CEO of Binance.US.

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In addition, Binance received full regulatory approval in March in Dubai, in May in Bahrain, France and Italy, as well as in Spain in July 2022.

Conversely, Coinbase has faced some troubles recently, which may have contributed to the platform’s bitcoin exchange balances, including having to provide data about its users to the United States Immigration and Customs Enforcement (ICE) agency. Allegations are involved, including their “historical geo-tracking data”. , ” as well as transaction history.

On top of that, Coinbase’s new mobile app downloads on Google Play and the App Store fell 55% between January and May 2022 — from nearly 2 million to 900,000, as Feinbold reported in early June.

Disclaimer: The contents of this site should not be considered investment advice. Investment is speculative. While investing, your capital is at risk.

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