Binance Flips Coinbase, Now Has Highest BTC for Exchanges !!

[mk4]

You are not wrong, Binance bitcoin withdrawal fee was 0.0005 BTC before, but Binance reduced the withdrawal fee to 0.0002 BTC.

It's a factor, but not something super major. Binance has changed their BTC withdrawal fees a couple of times now, with them increasing and decreasing it depending on how congested the mempool is. The zero-fees thing is the major reason.

[DanWalker]

I could almost guarantee that this was caused by Binance removing exchange fees off BTC/USD trading pairs.

Last time this happened the exchanges that had zero fees were laundering a lot of money that eventually forced the authorities to kick their doors down and shut them down for good. I wonder if Binance is on the same path and if they are close to being shut down.

The purpose of this is to encourage traders to make more trades during bear season, but it won't last for long. By doing this, Binance will gain more reputation and attract more users, but since it is not profitable for them, they will end the program.

Binance is the only exchange not cutting staff this bear season and they are working hard to recruit staff and expand their market, with what CZ is doing binance deserves to be the largest exchange in the world.

[spiker777]

I could almost guarantee that this was caused by Binance removing exchange fees off BTC/USD trading pairs.

That, and the fact that Coinbase is totally crap when competing in the shitcoin casino category. At least Binance lists coins/tokens that people are aware of; Coinbase on the other hand? Even with me being quite active in the broader cryptocurrency space, Coinbase sure loves listing unknown crap. I'm actually confident that I'd do a better job at picking coin/token listings that'll actually get trading volume compared to whoever handles Coinbase listings. They're THAT bad.

You are right. Coinbase absolutely don't care to improve with time. they tried to copy binance and launched an NFT marketplace which dirastically failed. but they never tried to improve their token listing system. and other features. plus coinbase is based in USA and it is hard for most people in rest of the world to properly use it. in fact CoinBase in my country doesn't even operate. If I need to use it I need to do it through a Vpn.

[amishmanish]

Binance  played important role in educating people about bitcoin. They have adapted well with the market. Their coin listing is also easy to work with. Moreover they have kept their feature simplified. As they have removed their transaction fees for now, this will greatly help the adoption of bitcoin by businesses and people in their general transactions.

[Adbitco]

There is no way both exchange would be compared for any reason, irrespective of anything but Binance has a good marketing structure unlike coinbase and btw Africa another big crypto currency traders and users and Binance is fully diluted in African countries most especially Nigeria. Also the introduction of p2p was also another great move which positioned Binance in a finger tips of its users and as well sponsoring lot events. Binance list with some specific volume trading volume and making sure it listed token or coin won't be as a result of Pump dump.
There are other many more qualities which binance possess which coinbase do not.

[Fortify]

all as a reaction of the luna drama, where that month binance stopped withdrawals for a bit, and pushed people to move value to coinbase via sidechains to then let coinbase take responsibility of the withdrawal of real coin.

then yea. offer free/cheaper trading to get more deposits of real coin back to binance.

That's a wise observation and not one that necessarily got more coverage. Blocking any withdrawals in Bitcoin but taking advantage of the Binance trading platform and the ability to convert into other cryptocurrencies, which they could move to other exchanges, causing those other exchanges to leak the amount of Bitcoin under their control was a very sneaky strategy. It fits in with every interaction that I've had with Binance where they try to squeeze money out of you, put restrictions in place at the last possible moment before withdrawal and generally be rather underhanded with how their fees work. I don't think Coinbase is necessarily great but at least they're much more consistent.

[OgNasty]

This was going to happen eventually.  Binance is a bigger and better exchange, so it was only a matter of time before they surpassed Coinbase.  However, Coinbase diving head first into shitcoins like Terra/Luna definitely helped this happen soon than later.  CZ seems to have taken a more Bitcoin maximalist position as far as the holdings of his exchange.  This paid dividends for his company as the shitcoin market tanked.  As a result, Coinbase is shrinking their staff and making cuts to their programs while Binance is aggressively hiring and burning their own tokens.  Clearly you can see one is on a much better path than the other.