Binance has more bitcoin in cash than Coinbase for the first time.
Binance and Coinbase are traditional competitors. Coinbase is now listed on the US stock exchange, while Binance is a company that is a little less strict with the rules.
The chart below shows the development of Coinbase and Binance’s known addresses. Binance is leading the way after the recent turmoil in the market.
These are (mainly) customer funds. Large crypto exchanges collectively have millions of bitcoin under management.
The flippening: Binance has surpassed Coinbase for having the most BTC of any exchange pic.twitter.com/oNt4boKdBL
— Will (@WClementeIII) July 18, 2022
Binance
Binance started in 2017 and has quickly become the largest crypto exchange in the world. The trading platform, like many competitors, is now increasingly coming into contact with governments and regulators.
Binance was fined by the Dutch Central Bank this year.
Salient detail: Binance customers have been able to deposit euros into their bank accounts again since the beginning of this year. The Dutch, however, are excluded from the new service. Binance has simply not yet passed the inspection of the Dutch central bank.
Coinbase
Coinbase is also busy lobbying regulators. The American company was granted permission in Italy recently.
Coinbase was forced to lay off some of its staff earlier this year. The majority of Coinbase’s revenue comes from the sale of bitcoin. The largest part of Coinbase’s revenue comes from trading costs.
According to Bloomberg, trading volume on crypto exchanges is at its lowest point since December 2020. According to CryptoCompare, there was ‘only’ $4.2 trillion (!) of trade processed.
It means, the big players in the industry are still making good money. At the same time, we also see notable ‘victims’ of the current market trend. Coinbase is only in 14th place in terms of reported volume. Not so long ago, they were simply in the top five.
Binance is well-placed at number one on most lists.
