Binance overtakes Coinbase as the exchange holding the most Bitcoin globally

Will Clemente, the lead insights analyst at Blockware Solution, published a Glassnode chart on July 18 that examines the evolution of the Bitcoin (BTC) balances on the Binance and Coinbase exchanges over time.

In actuality, Clemente has seen that Binance and Coinbase had switched positions in terms of whose exchange owned the greatest amount of Bitcoin.

Indeed, until recently, Coinbase, the older of the two exchanges (established in 2012), was well ahead. However, the tide has turned in favor of Binance, which entered the cryptocurrency industry in 2017.

There are a lot of possible explanations for why Binance is now holding more Bitcoin and why users are finding the exchange to be a better option for selling and trading their cryptocurrency for fiat or other assets.

One of them is the elevated level of public trust as a result of Binance's public relations (PR) efforts and high-profile partnerships, such as the multi-year NFT agreement with football star Cristiano Ronaldo and the June awareness-raising partnership with renowned Italian-Senegalese TikTok creator Khaby Lame.

In an effort to "generate positive user sentiment that will bring us new users," Binance's American affiliate, Binance.US, launched zero-fee trading for 13 Bitcoin spot trading pairs in late June.

According to Brian Shroder, CEO of Binance.US, the company also has plans to eventually waive fees for additional tokens on top of its customarily low fees.

Additionally, Binance received complete regulatory approval in Dubai in March, Bahrain in April, France and Italy in May, and Spain in July 2022.

Contrarily, Coinbase has lately been accused of giving the US Immigration and Customs Enforcement (ICE) agency information about its users, including their "previous geo-tracking data" and transaction history. These issues may have impacted the platform's Bitcoin exchange balance.

Additionally, between January and May 2022, downloads of Coinbase's new mobile application on Google Play and the App Store fell by 55%, from around 2 million to 900,000, according to a study by Finbold in early June.

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