On October 15, a brief tweet from Coinbase's official account stirred waves in the cryptocurrency circle—its competitor Binance's platform token BNB has been officially included in its listing roadmap.
Long seen as rivals, the two exchange giants are showing signs of a subtle relationship shift. The largest cryptocurrency exchange in the U.S., Coinbase, announced on Wednesday that it would include Binance's native token BNB in its "listing roadmap," marking the first time BNB has become a potential listing candidate for Coinbase.
This move has garnered significant attention in the industry, as it is a rare public consideration by Coinbase to support a flagship asset from a competing exchange.
01 Breaking the Ice: From Competitors to Potential Partners
Coinbase and Binance, as two major giants in the cryptocurrency exchange space, have long maintained a clear competitive relationship. However, the announcement on October 15 opened up new possibilities for this relationship.
● A historic moment occurred on Wednesday Eastern Time when Coinbase Markets announced via its official Twitter account: "Assets added to the roadmap today: BNB (BNB)." The tweet clearly stated that trading would officially commence once "market-making support is sufficient" and "technical infrastructure is in place."
● This brief announcement immediately sparked intense discussions within the crypto community. Many observers noted that this is the first time a U.S. listed exchange has considered listing the platform token of its largest competitor, which carries significant symbolic meaning.
While inclusion in the roadmap does not guarantee a final listing, it clearly indicates Coinbase's intentions. A crypto analyst commented on Twitter: "This could be the first clear signal that the exchange industry is moving from pure competition to a 'co-opetition' relationship."
02 Strategic Shift Under Pressure
Coinbase's decision did not come out of nowhere; it occurred against a backdrop of multiple external pressures.
● Recently, Coinbase faced public criticism for its inconsistent listing standards. Jeff Dorman, Chief Investment Officer at Arca, bluntly pointed out that Coinbase has listed "some of the worst assets" while ignoring high-performing tokens from competing platforms.
● The pressure escalated further amid another controversy. The CEO of Limitless Labs accused Binance of requiring its project to provide about 8% of its token supply, along with cash and security deposits, in exchange for a potential listing opportunity.
● Although Binance denied these allegations, calling them "false and defamatory," and stated that it does not profit from listings, the controversy still drew Coinbase into the fray.
● Jesse Pollak, head of Coinbase's Base network, took the opportunity to emphasize: "Exchange listings should be zero-cost," quickly shifting the focus back to Coinbase itself. Critics urged Coinbase to "lead by example" by listing BNB to prove its claims of transparency and fairness.
03 Comparison of Exchange Fundamentals
This ice-breaking move has refocused the market's attention on the fundamental situations of the two exchanges.
Coinbase: Compliance-Driven U.S. Giant
● Coinbase adopts a strong compliance approach, which has allowed it to dominate the U.S. market but also faces a series of challenges.
● Bank of America recently downgraded Coinbase's rating to "neutral," with a target price of $369, citing that its short-term performance is hampered by weak retail trading and market volatility.
Data confirms this: in 2024, Binance's trading volume reached $7.4 trillion, while Coinbase's was only $1.2 trillion, showing a significant gap. This disparity partly stems from Binance's "higher leverage and looser verification requirements," attracting a large number of retail investors sensitive to fees and leverage.
● However, Coinbase's institutional business has become a highlight. As of June 2025, over 240 enterprises, including well-known companies like PayPal and Stripe, are using Coinbase's services.
● At the same time, Coinbase's stablecoin business has performed well, with stablecoin revenue growing 39% year-on-year in Q2 2025, accounting for 22% of total revenue.
Binance: Challenges for the Global Leader
As the largest cryptocurrency exchange globally, Binance has significant advantages in trading volume and liquidity.
● Data shows that Binance supports over 400 digital assets and more than 1,500 trading pairs, with unmatched trading depth and liquidity. The platform's trading fees are also competitive, charging only 0.1% for spot trading, which can be further reduced by holding BNB or reaching certain trading volumes.
● However, Binance has recently faced challenges. On-chain data indicates that Binance's funding rates have been negative for three consecutive days, which is quite rare since 2025, reflecting a market outlook that is cautious or even pessimistic about future prospects.
● More critically, Binance recently encountered a massive liquidation event. Reports indicate that the cryptocurrency market experienced the largest liquidation wave in history within a single day, affecting over 16 million investors and leading to a market cap evaporation of about $19 billion.
In response, Binance proposed to compensate affected users with $283 million, but this event essentially represents a "reset" of the market.
04 The Rise of BNB: From Trading Discounts to Ecosystem Core
As the core of this event, BNB has established a solid position in the cryptocurrency market.
● The development history of BNB itself is a chronicle of the evolution of crypto assets. BNB was launched in July 2017 through an ICO on Ethereum, raising $15 million. Initially designed to provide trading fee discounts on the Binance trading platform, it migrated to the Binance Chain in 2019.
● Today, BNB has evolved into the native asset of the broader BNB Chain ecosystem, becoming one of the most actively used blockchains in the world. Data shows that the BNB Chain processed over 500 million transactions in the past 30 days, with a month-on-month growth of 151%.
Key BNB Data
Value
Current Market Cap Ranking
3rd
All-Time High Price
$1,370
Recent Daily Trading Volume
Over $5 billion
On-Chain Monthly Trading Volume
Over 500 million transactions
Source: Compiled by AiCoin
● This level of activity is largely driven by the surge of Binance's native meme coins, reflecting the platform's growing retail participation.
Despite the historical significance of Coinbase listing BNB, the market reaction has been relatively rational. Following the announcement, BNB's price briefly rose by 2% to $1,175 before stabilizing, indicating that investors remain cautious about whether the two exchanges can truly move towards cooperation.
05 Changing Landscape of Exchanges: From Competition to "Co-opetition"
Coinbase's consideration of listing BNB may signal a profound change in the competitive landscape of the cryptocurrency exchange industry.
● This move suggests that the boundaries between centralized exchanges may gradually blur. Even with direct competition, there is potential for a more pragmatic development model in asset listing choices.
● Industry trends also support this judgment. Recently, Gate and Coinbase announced a groundbreaking partnership aimed at combining their technological strengths. This alliance could disrupt the status quo of other major players in the field.
● This trend of cooperation indicates that the exchange industry may be moving from pure competition to a more complex "co-opetition" relationship—being competitors while also collaborating in certain areas.
● An industry observer noted: "The next phase of the exchange war may no longer be total confrontation, but rather finding cooperation opportunities while maintaining core competitiveness."
06 Future Outlook: Opportunities and Challenges Coexist
The potential impact of Coinbase listing BNB extends far beyond the relationship changes between the two exchanges.
● For BNB, if it ultimately gets listed on Coinbase, it will gain greater liquidity and broader accessibility, especially for U.S. investors.
Historical data shows that listings on major trading platforms typically lead to significant price increases, a phenomenon known as the "Coinbase Effect." However, this time it is only an inclusion in the roadmap rather than an actual listing, leading to a relatively rational market response.
● From a regulatory perspective, Coinbase's move may help enhance BNB's compliance image. In the context of the U.S. Securities and Exchange Commission's review of potential securities violations regarding BNB, Coinbase's consideration of listing BNB carries certain symbolic significance.
● For the entire industry, this event may set an important precedent—major exchanges beginning to recognize the value of each other's native assets. Despite competitive relationships, there is still room to explore cooperation possibilities.
● This marks a potential maturation of the cryptocurrency exchange industry, moving from pure competition to a more complex relationship of competition and cooperation.
Throughout the history of cryptocurrency development, competition between exchanges has never ceased. However, as the market matures, a new path is emerging: the boundaries between mainstream exchanges are beginning to blur, shifting from pure confrontation to a "co-opetition" relationship.
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