Finally, the interest of crypto Investors shifted to the Binance exchange more than the Coinbase exchange, data shows.
Binance is a popular crypto exchange. This exchange was launched in 2017 but still stands at first rank as a priority choice for crypto investors. Because of the quality & secured crypto services, the exchange is the best choice for newbie & pro-crypto Investors.
On 18 July, the Binance exchange surpassed the Coinbase exchange in terms of the highest numbers of Bitcoin holding.
So now, in this current situation, Binance is standing at the highest number of Bitcoin holders among all of its rival exchanges. Here readers need to take care not to misunderstand that Binance holds these bitcoin funds as the owner but these amounts of Bitcoins are of Bitcoin traders on the exchange.
Reasons behind Binance surpassing Coinbase
No doubt that Coinbase is a giant crypto exchange, which is an American publicly listed company, but still Coinbase is facing huge competition from its rival exchanges.
The most possible reason, in this case, may be the change of interest among crypto investors.
Usually, Coinbase provides services under a highly compliance-based ecosystem and also crypto trade activities are not cost-efficient, unlike Binance.
Recently Binance exchange Introduced fees free trading for Bitcoin with 13 pairs and it dragged huge numbers of Bitcoin day traders on the Binance exchange.
Earlier this year, Binance was not providing services under full license regimes but in late 2021 exchange started its initiative to make exchange licensed globally, probably these things helped the exchange to grab a huge user base.
Binance CEO Changpeng Zhao is also the 10th richest person in this world because of his crypto exchange business platform, Binance.