Exchange News

Binance Flips Coinbase ! Becomes the Most Held Bitcoins Globally

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Jul 19, 2022

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Amid the market uncertainty, crypto traders and investors are being very careful in making informed decisions on the usage of the best exchange for trading their assets and coins.

Let’s see some interesting observations regarding the holdings of the largest crypto trading platforms – and coinbase .

Popular Analyst Will Clemente, posted on July 18th, a chart that showed a comparison of the change in Bitcoin (BTC) balances on Binance and Coinbase over a span of time.

Potential Reasons for These Sudden Changes

There are many potential reasons why Binance has become a favorable exchange for exchanging crypto and other assets. Coinbase has experienced net outflows of Bitcoin of over 450,000 BTC in the past 2 years. 

Also one of the potential reasons is the amount that Binance spent on public relations (PR), high-profile partnerships, and deals which included the multi-year NFT deal done with Cristiano Ronaldo. Also the Branding collaborations with the famous TikTokar Khaby Lame. 

Binance.US, in June, launched zero-fee trading for 13 Bitcoin spot trading pairs to generate user engagement which will be helpful in bringing new users. On top of its low fees, it is planning to eliminate the fees and charges for tokens in the future. 

In March, Binance secured regulatory approval and authorization for operations in Dubai, in France, Bahrain, and Italy in May, and in Spain in July 2022.

On the other hand, Coinbase faced some troubles which included the typical allegations of providing users major data of historical geo-tracking data and transaction history to the United States Immigration and (ICE) Customs Enforcement agency.

Coinbase’s mobile app on Google play store and App Store showed a plunge of 55% in downloads which came down from 2 million to only 900,000 between a period of January and May 2022.

Overall, all these potential reasons led to the flippening of Coinbase and Binance becoming the world’s largest and the best Exchange holding the most BTC.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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