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Binance Celebrates Seven Years with Bitcoin Growth

Binance, the world’s largest crypto trading platform by trading volume, is celebrating its seventh anniversary. As it marks this milestone, Binance’s Bitcoin (BTC) holdings have grown significantly. 

Binance logo with Bitcoin symbol
Source: https://www.thecable.ng/just-in-binance-to-discontinue-all-naira-transactions-from-march-8/

Binance’s Bitcoin Holdings Surge 

CryptoQuant founder and CEO Ki Young Ju reports a 10% increase in Binance’s Bitcoin holdings since early 2024. In contrast, other exchanges saw their BTC holdings drop by 8%. 

Key Highlights 

  • Anniversary Celebration: Binance announced its seventh anniversary with a special referral promotion. Eligible users can share up to 700 BNB in token vouchers. 
  • Bitcoin Holdings: Binance’s Bitcoin reserves have grown by 10%. 
  • Regulatory Challenges: Binance faces regulatory issues in various jurisdictions. 

Centralized Exchanges Explained 

Centralized exchanges (CEXs) like Binance and Coinbase act as intermediaries in buying, selling, and trading cryptocurrencies. They provide a platform for users to trade crypto assets. 

Binance’s Regulatory Issues 

Despite its success, Binance has faced significant regulatory challenges. The US Securities and Exchange Commission (SEC) accused Binance of inflating trading volumes and diverting customer funds. The SEC also claimed Binance misled investors and enabled the trading of crypto tokens deemed securities. 

Coinbase’s Bitcoin Holdings Decline 

Coinbase, the largest US-based crypto exchange by trading volume, has seen a decline in its Bitcoin holdings. This is notable because Coinbase is the custodian for most spot Bitcoin ETF (exchange-traded funds) issuers in the US. 

Spot ETFs and Coinbase’s Role 

The introduction of spot ETFs in the US has boosted Coinbase’s reputation. Coinbase CEO Brian Armstrong and lawyer John E. Deaton, a prominent XRP advocate, both emphasized Coinbase’s significant role in the ETF space. Deaton noted that “Coinbase will be a big winner” as it leads the ETF campaign. 

Summary of Key Points 

Exchange 

Bitcoin Holdings Growth 

Regulatory Issues 

Role in ETFs 

Binance 

+10% 

Yes (SEC and others) 

N/A 

Coinbase 

-8% 

None reported 

Custodian for most ETFs 

 

Conclusion 

As Binance celebrates its seventh anniversary, it continues to grow its Bitcoin reserves. However, it faces significant regulatory challenges. On the other hand, Coinbase’s Bitcoin holdings have decreased, but it plays a crucial role in the ETF market. The future holds both opportunities and challenges for these leading crypto exchanges. 

July 11, 2024 at 12:00 pm

Updated July 11, 2024 at 12:00 pm

Disclaimer

Remember, investing in cryptocurrencies involves risks, and it’s important to conduct thorough research and seek professional advice before making any financial decisions. (Please keep in mind that this post is solely for informative purposes and should not be construed as financial or investment advice.)

FAQ

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