Coinbase grabs huge advantages after Binance vs US settlement

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On-chain data records showed that Coinbase saw a significant increase in market share after the settlement of Binance with the US authorities.

Binance is a top-ranked crypto platform. This year, this exchange was sued by multiple US authorities, as the exchange provided crypto services without registration a long time back. For those unregistered crypto services, the exchange faced a fine of $4.3 billion and Binance co-founder Changpeng Zhao (CZ) stepped down from the CEO role, as a part of the settlement agreement. CZ will also face jail punishment of up to 1.5 years. 

Amid these legal hurdles with the Binance exchange, the American Crypto exchange saw an inflow of some more user base. 

According to a report by Kaiko, Coinbase’s market share surged by 50% and Bybit’s surged 34%. In short, the whole legal developments with Binance created a type of opportunity for the other top Binance rivals.

The report also noted that despite these platforms grabbing a huge user base & sudden increment in the crypto trade activities, Binance is still the top-ranked crypto exchange and Binance only lost 4% in the market share in the last 30 days. 

Recently Coinbase exchange started to run a Coinbase ad video, published on YouTube.

Dogecoin co-founder Billy Marcus shared his opinion on that Coinbase video advert and said that the ad is showing a picture to explain why people are getting into the crypto sector.

Billy also noted that the ad was wisely presented to explain how the US system is failing.

In the present time crypto market is in the first phase of a bull run and obviously, it will grab huge attention among non-crypto investors. So here we can conclude that Coinbase’s new ad may help more people to understand why Crypto is still a better option to adopt against failing traditional financial system.

Read also: Ethereum co-founder says Bitcoin was also centralised in the initial phase