As you probably know from the latest Coinbase news this year, the cryptocurrency exchange announced its Coinbase Pro platform earlier this year, along with Binance and the expansion with the American branch called Binance.US. This has put both of the platforms as direct rivals in the market – but is Binance US or Coinbase Pro actually better?
Even though there are several other options too, these exchanges are operated by two of the most recognizable cryptocurrency firms in the space. Both of them have a major US presence now. Below, we are reviewing both of them and showing you whether Binance US or Coinbase Pro is a better option.
Coinbase is a long-established company which was created in 2012 and launched its exchange in 2015. Binance was created in 2017 but is still more dominant than Coinbase – taking it over in many ways.
The Binance news today show that even though Binance ranks as the largest exchange in the world, Binance.US is much smaller since it serves only one country. Coinbase, on the other hand, does not report volumes for its non-Pro exchange and handles $100-$200 million of volume per day as details show.
If you are wondering whether Binance US or Coinbase Pro is more legit, we can safely say that they are on the same level. Even though they were both in the news for some fiascos over the years, Binance and Coinbase are among the most respected firms on the market.
According to CryptoWatch, Binance.US has $4 million of liquidity while Coinbase Pro has $15 million. However, both exchanges seem to have sufficient depth for the amount of activity that they experience.
Fees And Limits
Which is better in terms of fees and limits – Binance US or Coinbase Pro?
Binance.US’ fees start at 0.1% while Coinbase Pro’s fees start at 0.5%. However, both offer fees as low as 0%. The limits on trading are similar too – Binance.US allows withdrawals and deposits of up to $1 million via bank wire and Coinbase Pro allows unlimited deposits and withdrawals to $10,000 per day.
Binance.US supports 46 trading pairs for 26 coins while Coinbase Pro offers 53 trading pairs for 22 coins.
Now, as you can see, it is difficult to answer the “Binance US or Coinbase Pro” question and make a decision. Perhaps Binance.US is a bit better in terms of its fees, limits and support, but Coinbase Pro is definitely a decent competitor.
Binance CEO Addresses Compliance As Key For Crypto Climate In Japan
“We are looking forward to our joint efforts with Z Corporation/TaoTao in bringing our services to Japan. Foremost, we want to ensure that we work in full compliance with Japanese laws and regulations where local and global standards function as a key role in establishing sustainable development industry-wide and greater public adoption.”As Binance CEO addresses compliance, we can see that this comes as a follow up from the January 14 decision by the Financial Services Agency (FSA) which proposed lowering the leverage rate limit of cryptocurrency margin trading from 4x to 2x. The revised versions of the Payment Services Act and the Financial Instruments and Exchange Act, will be enforced in April.The Binance news also show that as per the exchange, all parties in this partnership would work with the agency. The exchange said:
"Through licensing Binance’s cutting-edge technologies, Z Corp and TaoTao will collaborate with the Financial Service Agency to ensure full regulatory compliance in the Japanese market."Meanwhile, Binance yesterday announced that the exchange will gradually restrict access to residents of Japan. There has not been a clear response as to why this is happening and currently, the Japanese traders still have full access to the platform.While Binance CEO addresses compliance as key in Japan, its move in United States from last September shows that the exchange restricted the residents of the US from accessing Binance.com and instead launched Binance.US in a partnership with BAM Trading Services.
Binance Will Restrict Access To Japan Residents
Binance Donates $1 million BNB As Aid To Australia’s Bushfires
“Donating for Australia Bushfires charity program is the most direct and effective approach to make an impact, and we are also calling for the whole crypto community to join us in supporting Australia.’’The members of the crypto community that want to become a part of the Australia Bushfire donation charity project can also donate with the Binance coin on the Binance charity platform which is transparent and decentralized. More than 13 donations have been made so far, reaching 120.5486 BTC. In the meantime, many crypto influencers such as Alex Saunders have rallied the members of the crypto community to show the world the power that Bitcoin has in donating especially for a cause such as the Australian Rural Fire Service. The data shows that more than $12,040 has been sent to a designated BTC address so far.
Binance 2020 Goal: Adding Support For 180 Fiat Currencies
"We believe fiat will co-exist with crypto for a long time to come. Again, as much as some of the hardcore crypto guys don’t like banks, we believe working with banks and traditional financial institutions is essential to bringing more people into crypto."He also added that the Binance 2020 goal is to further decentralize the platform including the team, structure, locations, products, operations, and services. Zhao added that the company is considering two major acquisitions which will have a huge impact on the platform:
"We are even drafting a new incentive structure to replace traditional ESOPs [Employee stock ownership], as we resemble more of a community than a company. We call this the ETOP (T for token). We will share this new idea with the world once we work out all the details," Zhao said, adding that they hope to fully open-source Binance Chain, their native blockchain, and Binance DEX, their non-custodial exchange, in 2020.’’The Binance DEX code is still not open-source as they are waiting for other centralized exchanges to release their decentralized exchanges first. The largest crypto by volume Binance grows more by announcing its new investment plans in the crypto derivatives exchange FTX. Both companies will reportedly join forces that will develop the cryptocurrency ecosystem even further. Binance takes a long-term position in the FTX token so the derivatives exchange returns the favor by helping build the liquidity and the institutional product offerings. Now that Binance invests in FTX, we can see that the exchange is getting more and more strategic recently.
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