Binance Exchange Overtakes Coinbase Exchange: Holds the Most BTC

Binance Exchange Overtakes Coinbase Exchange: Holds the Most BTC

 

Binance Exchange settles its supremacy over Coinbase Exchange and other exchanges. In addition to its rapid growth, it is now the world’s largest Cryptocurrency Exchange in terms of the most Bitcoin holdings in the world.

 

The riches of Binance Exchange and Coinbase Exchange were in stark contrast to each other as the bear market hit the cryptocurrency world. Binance exchange and its CEO Changpeng Zhao made headlines in the cryptocurrency news through a show of strength and continued hiring. On the other hand, Coinbase Exchange and its CEO Brian Armstrong raised a multitude of questions and concerns. These included waves of employee layoffs, pauses in recruitment and even rumors of possible bankruptcy.

 

 

Binance Exchange: unchallenged supremacy?

 

Binance Exchange continues to chart its course and further establish itself as the leading exchange in the Cryptocurrency Industry, with endless influence. Its BNB token is 5th largest and stablecoin is 6th in terms of market capitalization.

 

Also Read: Coinbase Exchange Faces SEC Investigation Over Its Crypto Listings

Also Read: A Detailed Guide To The Coinbase Account Recovery

 

While most cryptocurrency lending companies and exchange platforms are imposing suspensions and withdrawal limits on their users, Binance Exchange continues to take measures that showcase more cost savings than fee disbursements.

 

Indeed, Binance Exchange announced a couple of weeks ago that there are more than 2,000 job openings in the company, with an eye for growth and expansion impaired by the current bear market. At the same time, while many lending companies or exchange platforms suspended certain commercial partnership agreements, Binance Exchange added partnerships and collaborations. This was through a collaboration with the Portuguese football star Cristiano Ronaldo. Ronaldo has the highest number of followers on Instagram in the world with more than 400 million followers.

 

Also Read: How To Unlock A Restricted Coinbase Account?

 

Finally, as a first step to celebrate its 5th anniversary, the Binance Exchange has decided to do away with transaction fees on Bitcoin trading and has promised to maintain this change in the foreseeable future.

 

Coinbase – still struggling

 

Meanwhile, the North American exchange, Coinbase is still getting negative press due to the current bear market. Recently, rumors have resurfaced after the Coinbase Exchange decided to suspend its affiliate program. Subsequently, the failures continued with the failure of its NFT marketplace and the fall of Coinbase stock on the stock market.

 

Since 2014, Coinbase Exchange platform was holding the highest amount BTC, however, the current market dynamic has completely turned upside down since 2021. Earlier, both Coinbase exchange and Binance Exchange (younger by Coinbase by 5 years), raked in BTC. However, since 2021, Binance exchange has seen its bitcoin holdings rise sharply while Coinbase Exchanges have dropped drastically. The Binance exchange crossover finally took place on Monday, July 18.

 

Now, the transfer of BTC power seems to have materialized, and it is difficult to see how Coinbase Exchange could recover “its throne” while Binance exchange continues to grow. In the foreseeable future, Coinbase exchange could even be overtaken by other exchanges like FTX exchange, which is also growing faster than Coinbase in the current bear market.