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You are here: Home / Archives for Brian Armstrong

Brian Armstrong

Regulatory Crossroads: Coinbase’s Trust-Forward Approach Contrasts Binance’s Leadership Shift

November 23, 2023 by Ammar Raza

Coinbase CEO Brian Armstrong emphasized his company’s commitment to compliance and trust. This declaration comes in the wake of Binance facing significant fines and its CEO, Changpeng Zhao, stepping aside after pleading guilty to criminal charges.

Since the founding of Coinbase back in 2012 we have taken a long-term view. I knew we needed to embrace compliance to become a generational company that stood the test of time. We got the licenses, hired the compliance and legal teams, and made it clear our brand was about trust…

— Brian Armstrong 🛡️ (@brian_armstrong) November 21, 2023

Coinbase’s Compliance Commitment

Armstrong outlined Coinbase’s long-term approach since its inception in 2012. The company prioritized compliance, obtaining licenses, assembling legal and compliance teams, and establishing a brand synonymous with customer trust and adherence to regulations. Going public in 2021, Coinbase aimed to enhance transparency and set higher standards for trust.

Armstrong acknowledged the challenges of a compliant approach, citing the difficulty and expense involved. However, he stressed the importance of adhering to the rule of law and expressed hope that regulatory clarity would improve in the U.S., eliminating the need for Americans to resort to unregulated offshore exchanges.

Asserting their belief in economic freedom and the U.S. democratic system, Armstrong announced Coinbase’s intention to stay in the U.S. and contribute to building a compliant cryptocurrency industry on American soil.

Binance CEO Steps Down

On the other hand, Changpeng Zhao announced his resignation as CEO of Binance, acknowledging mistakes and taking responsibility for the benefit of the community and the company. Richard Teng, former Global Head of Regional Markets, was named as the new CEO. Zhao expressed confidence in Teng’s leadership, emphasizing his extensive financial services and regulatory experience.

Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.

Binance is no longer a baby. It is…

— CZ 🔶 Binance (@cz_binance) November 21, 2023

Zhao disclosed his post-Binance plans, including taking a much-needed break and considering passive investing. He ruled out a return to a CEO role, expressing contentment as a one-time entrepreneur. Additionally, he hinted at potential involvement as a coach or mentor for upcoming entrepreneurs.

In light of recent developments, Zhao highlighted that the resolutions with U.S. agencies did not allege misappropriation of user funds or engagement in market manipulation by Binance, reassuring users that their funds are secure.

As Coinbase and Binance take divergent paths, the cryptocurrency industry witnesses a shift in leadership, with Coinbase championing compliance and trust while Binance undergoes changes under new leadership with a focus on security, transparency, compliance, and growth.

Related Reading | Ethereum Soars As Top Wallets Accumulate, Institutions Drive Bullish Momentum 

Filed Under: News, World Tagged With: Binance, Brian Armstrong, Changpeng Zhao, Coinbase

Coinbase’s Uphill Battle: 5 Key Numbers in SEC Lawsuit Saga

October 12, 2023 by Aishwarya shashikumar

Coinbase’s co-founder, Brian Armstrong, recently emphasized the company’s unwavering commitment to its mission, regardless of market fluctuations. In his statement, he stressed that progress in the crypto space is a long-term endeavor marked by ups and downs. Coinbase’s resilience and determination, he believes, will ultimately lead to success.

However, the crypto exchange is currently facing legal challenges from the U.S. Securities and Exchange Commission (SEC), which accused Coinbase of operating as an unregistered exchange, broker, and clearing agency. This case has triggered a broader debate regarding the regulatory treatment of digital assets.

The North American Securities Administrators Association (NASAA) has weighed in on this issue, supporting the SEC’s position in an amicus brief filed in a New York district court. NASAA argues that digital assets should not be treated as “somehow special” and calls for Coinbase to be held to the same regulatory standards as other market participants.

In their argument, NASAA references the Howey Test, a 1946 Supreme Court case, and suggests that the SEC’s position that certain digital assets are subject to securities laws is well within the bounds of established law.

Furthermore, NASAA dismisses claims that the “major questions doctrine,” which requires clear congressional authorization for decisions of national significance, should apply to the crypto industry. They argue that digital assets lack the economic and political significance that would warrant such a doctrine, primarily serving as speculative assets.

NASAA’s Coinbase Support for Investor Protection

While lawmakers have introduced various bills to regulate the crypto industry, none have yet become law. NASAA’s stance underscores the need for clear regulatory guidance and the importance of enforcing existing laws, rather than relying on new legislation.

NASAA’s role as an advocate for investor protection is evident in their support of the SEC’s lawsuit against Coinbase. As they represent state and provincial securities regulators in the U.S., Canada, and Mexico, their mission is to safeguard investors from fraud and abuse, a role they take seriously in the evolving and complex world of cryptocurrencies.

As the legal battle between Coinbase and the SEC unfolds, the outcome will undoubtedly have broader implications for the crypto industry and its regulatory landscape. Coinbase’s persistence in the face of these challenges echoes Brian Armstrong’s commitment to long-term progress, emphasizing that determination and adherence to the law will ultimately pay off.

Filed Under: News, World Tagged With: Brian Armstrong, Coinbase, Crypto, Cryptocurrency, Securities and Exchange Commission [SEC]

Coinbase CEO Brian Armstrong Takes a Stand Against AI Regulation

September 24, 2023 by Mohammad Ali

In a seismic event within the crypto realm, Brian Armstrong, the esteemed CEO of crypto exchange giant Coinbase, has definitively articulated his stance on regulating artificial intelligence (AI). Armstrong conveyed his anti-regulation stance on AI via X, formerly Twitter, advocating its unrestricted growth and development.

Count me as someone who believes AI should not be regulated

We need to make progress on it as fast as possible for many reasons (including national security). And the track record on regulation is that it has unintended consequences and kills competition/innovation, despite best…

— Brian Armstrong 🛡️ (@brian_armstrong) September 22, 2023

Armstrong’s central argument revolves around the belief that AI should remain unregulated. He passionately asserted that the AI sector must flourish without bureaucratic constraints, citing critical reasons such as national security. In his eyes, regulation, despite its well-meaning intentions, often spawns unintended consequences that stifle innovation and stymie competition.

Drawing an intriguing parallel, the Coinbase executive invoked the “golden age of innovation” that blossomed on the internet and in software during their unregulated infancy. Armstrong firmly advocates for applying the same laissez-faire approach to the burgeoning field of AI technology. Furthermore, Armstrong proffered an alternative strategy for safeguarding the AI realm.

Coinbase CEO Promotes Open Source For AI

Armstrong’s viewpoint is a persistent call for non-interference, numerous jurisdictions worldwide have taken a different path, either initiating AI regulations or expressing apprehension about its potentially disruptive influence. Rather than shackling it with rules and red tape, he champions the decentralization and open-sourcing of AI. He said, “The best protection is to decentralize it and open source it to let the cat out of the bag.”

China, a global tech powerhouse, recently implemented provisional AI activities and management guidelines on August 15. These regulations, a collaborative effort involving six of the country’s governmental bodies, mark China’s first comprehensive set of AI rules and come amidst the backdrop of a booming AI industry.

Across the pond, the United Kingdom’s Competition and Markets Authority conducted a comprehensive study on the implications of AI for competition and consumers. On September 18, the authority delivered its verdict, cautioning that while AI holds immense potential to transform lives and industries, the rapid pace of change may pose substantial challenges to competition.

Amid these global debates and regulatory maneuvers, Brian Armstrong’s outspoken stance against AI regulation adds a compelling voice to the ongoing discourse, leaving stakeholders and observers eagerly anticipating the evolving landscape of AI policy and innovation.

Related Reading:| Coinbase CEO Urges CFTC To Refrain from DeFi Enforcement Actions

Filed Under: News Tagged With: ai, Ai regulation, Brian Armstrong, Coinbase, Coinbase CEO, Crypto, Cryptocurrency

Coinbase’s L2 Protocol Strikes Gold: Active Users Cross Over 100k

August 11, 2023 by Lipika Deka

After a scintillating debut, Coinbase’s brand new scaling protocol has surpassed the 100k mark for the first time in the daily active user account. Base, the new Ethereum L2, incubated by Coinbase and built on Optimism’s open-source OP stack, has now reached 136k, including nearly 42,000 new users as per stats provided by Dune Analytics.

The mainnet currently features over 100 dApps and service providers in the ecosystem. Since its testnet launch in February, it has already attracted $155 million in TVL, surging over 70% over the past week, according to L2beat.

Touted as being faster and cheaper than layer-1 Ethereum, Base has already outpaced other established layer-2 projects like Starknet and Loopring. However, it is noteworthy that its total value locked remains relatively small when compared to dominant players like Arbitrum and Optimism.

Currently, Base users can bridge Ether to Base, engage with a decentralized cryptocurrency exchange, make payments with a web-based app, register a “.base” username, or launch a decentralized autonomous organization. 

Coinbase made history when it became the first publicly traded company to launch its own blockchain. The launch coincided with the release of its second-quarter earnings and kicked off “Onchain Summer,” a series of events in which creators and developers can make art or build applications on Base.

Over 50 reputed companies, including Coca-Cola [KO], gaming powerhouse Atari, and non-fungible token platform OpenSea, joined by artists and creators, are expected to participate. Recently, Brian Armstrong, the CEO of Coinbase, shared his personal experience of utilizing the newly constructed Base Bridge as part of an effort to generate excitement for upcoming developments.

Coinbase Clarifies Token Launch

The introduction of the Base network marks Coinbase’s entry into the realm of blockchain technology, offering a multitude of opportunities for revenue generation through blockchain operations and applications developed atop it.

As a result, crypto Twitter was rife with speculation about Coinbase potentially launching a token associated with the BASE network. Nevertheless, Coinbase has officially put these rumors to rest via its Twitter account, unveiling a comprehensive roadmap for Base.

The roadmap emphatically clarifies that Base has no intentions of issuing a network token, aligning its strategy with most Ethereum Layer 2 blockchains, which rely on ETH for transactions and cover gas fees.

Filed Under: News Tagged With: BASE, Brian Armstrong, Coinbase

Coinbase Set To Leverage UAE’s Crypto-Friendly Policies

May 9, 2023 by Lipika Deka

Coinbase CEO Brian Armstrong announced that its team is exploring the potential to turn United Arab Emirates [UAE] into a strategic crypto hub.

On May 8, Armstrong shared a photo with the country’s Minister of Economy, H.E. Abdulla Bin Touq Al Marri, and praised it for “being forward thinking on crypto.”

He also credited UAE for establishing the world’s first dedicated crypto regulator, a published rule book with clear guidelines, business-friendly policies, and robust client protection.

According to the blog published, the Coinbase team including its CEO and other top execs are currently in Dubai and Abu Dhabi meeting key local stakeholders.

Armstrong is also set to deliver a keynote address at the inaugural Dubai Fintech Summit, which will be attended by members of the royalty and politicians.

As stated in the blog post by Nana Murugesan, Vice President of International and Business Development at Coinbase, UAE offers a vital connection between Asia and Europe—two of its current main international regions.

Murugesan also disclosed that they are collaborating with the virtual assets regulatory bodies in Dubai [VARA] and Abu Dhabi [ADGM] to extend the licensing and accessibility of Coinbase International Exchange.

Coinbase’s Offshore Bet

A few days ago, the San Francisco-based trading platform launched a new crypto-derivatives exchange in Bermuda, to trade products that aren’t allowed in the U.S. amid a lack of regulatory certainty.

As per Armstrong, the offshore exchange will offer more opportunities and liquidity for its clients, as well as foster innovation and growth in the global crypto ecosystem.

The move comes after the CEO voiced his frustration with the U.S. regulators citing the lack of clear and consistent rules for the sector.

He also hinted at the possibility of moving the business if the situation does not improve.

In the US, Coinbase and a number of other exchanges have come under intense regulatory investigation. The second Writ of Mandamus against the SEC was filed by the exchange following receipt of a Wells notice from the commission.

As reported by TronWeekly, the court directed the regulator to respond within 10 days.

Many members of the crypto community, including detractors like John E. Deaton, an advocate for XRP, applauded Coinbase for submitting the second Writ of Mandamus.

Filed Under: World, News Tagged With: Brian Armstrong, Coinbase, UAE

Coinbase CEO’s Stock Sell-Off Amidst Wells Notice Raise Eyebrows

March 24, 2023 by Lipika Deka

Coinbase was recently sent a Wells notice by the SEC, fuelling panic in the crypto community. Yet, its CEO Brian Armstrong’s most recent move has generated discussion among traders and investors.

Following the Wells notice on March 22, the top exec went on a selling spree, dumping a significant portion of his Coinbase shares [COIN] earlier this week.

One such trader questioned the move, implying that it was insider trading as he pointed out that the stock was down by nearly 15%.

In response, many came forward to say that it was just a coincidence and that the sale of the shares was part of an earlier scheme to finance his new businesses.

Armstrong is said to have sold COIN shares for $5.8 million during that time, with about 50% of the transactions occurring the day before.

According to the statistics, the top exec sold around 30,000 shares on March 21 for $2.24 million. Earlier, on March 3 and 15, he made two sales that totaled 60,000 shares for $3.56 million. The data revealed that he sold his stocks between the range of $51 and $76.

Market intelligence platform Dataroma further claimed that Coinbase executives and early investors have profited $5.8 billion from sales of the exchange’s stock.

Around $87 million worth of COIN shares has been acquired by insiders throughout this time. The transaction was carried out by co-founder Fred Ehrsam and exchange board member Tobias Lütke.

Even seasoned investors like Cathie Wood-led Investment funds Ark Invest sold the trading firm’s stock on March 21 for the first time this year for $13.5 million.

Intensifying its enforcement drive against major crypto players, SEC sent Coinbase a Wells notice over alleged “violations of the federal securities law.”

Coinbase Appears Confident Over SEC’s Notice

As a result, Brian defended the firm on Twitter, saying that it is on the right side of the law and that the legal process would bring about much-needed clarity.

The “Wells notice,” as per a blog published by the exchange, was regarding an undefined portion of its listed digital assets, staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet.

Terming the notice as a disappointment, the exchange slammed SEC as “unfair and unreasonable when it comes to its engagement on digital assets”.

At the time of writing, Coinbase shares had fallen by more than 12% over the previous 24 hours, and if the trend continues, a likely larger decrease is anticipated.

Filed Under: Fintech, News Tagged With: Brian Armstrong, COIN, Coinbase, SEC

Coinbase CEO’s Plea To Leave DeFi Alone

December 20, 2022 by Aishwarya shashikumar

Brian Armstrong, CEO of Coinbase, has argued for stronger rules on centralised crypto operators but believes decentralised protocols should be allowed to grow since they represent “the ultimate form of disclosure” because to open-source software and smart contracts.

As the market continues to recover from the harm caused by FTX and its shocking collapse, Armstrong offered his thoughts on cryptocurrency regulation in a blog post published on December 20 by Coinbase. He suggested ways that regulators might assist “restore trust” and advance the business.

However, the Coinbase CEO highlighted that decentralized protocols are not a factor in that calculation.

He further added,

“Decentralized arrangements do not involve intermediaries [and] open-source code and smart contracts are “the ultimate form of disclosure,…… transparency is built in by default……cryptographically provable way.”

7/ Lastly, I call out that the decentralized aspects of crypto present an opportunity to create even stronger consumer protections by increasing transparency and removing the middleman via self-custodial wallets, public and open smart contracts, and on-chain accounting.

— Brian Armstrong (@brian_armstrong) December 20, 2022

Because people are engaged, Armstrong, the CEO of Coinbase, stated that “extra transparency and disclosure” checks are required for centralised actors. Armstrong expressed the hope that the fall of FTX “will be the trigger we need to finally get new legislation approved.”

He continued, “where we’ve seen the biggest danger of consumer harm, and pretty much everyone can agree [that regulation] should be done” are exchanges, custodians, and stablecoin issuers.

Armstrong recommended that the United States begin with stablecoin regulation in accordance with general financial services legislation and that regulators enforce the application of a state trust charter or an OCC national trust charter.

Coinbase CEO’s Take On Stablecoin Issuers

The Stablecoin Transparency Act, which was just introduced by U.S. Senator Bill Hagerty, is anticipated to be approved by the Senate in the near future.

Armstrong continued, “Stablecoin issuers should still have to pass “minimum cybersecurity criteria” and develop a blacklisting system in order to comply with regulatory requirements. Issuers shouldn’t have to be banks, unless they desire fractional reserves or to invest in riskier assets.

Armstrong thinks that once stablecoin regulation is established, regulators focus on cryptocurrency exchanges and custodians.

The CEO of Coinbase stated that in addition to improving consumer protection laws and banning market manipulation techniques, regulators should enact a federal licensing and registration scheme to allow the exchanges or custodians to legally serve customers inside that market.

Armstrong suggested that the U.S. Congress should require the Securities Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) to classify each of the top 100 cryptocurrencies by market cap as either a commodity or a security, despite the fact that the courts are still figuring things out in this area.

He added,

“If asset issuers disagree with the analysis, the courts can settle the edge cases, but this would serve as an important labeled data set for the rest of the industry to follow, as, ultimately, millions of crypto assets will be created.”

Armstrong also asked authorities from all nations to look beyond what is happening in their domestic market to assess the effects that a foreign business may be having on their population in light of the global reach of cryptocurrency-based businesses.

In order for the business to be effectively regulated, corporations, legislators, regulators, and customers from financial markets all over the world—particularly those from G20 countries—will need to work together, according to Armstrong.

Armstrong stated that he is still optimistic that considerable legislative progress may be accomplished in 2023 despite the complexity and range of issues that need to be resolved.

Filed Under: News, World Tagged With: Brian Armstrong, Coinbase, DeFi

Coinbase CEO Applauds Crypto Analytics And Citizen Journalism Amidst FTX Saga

November 17, 2022 by Aishwarya shashikumar

FTX’s developing problem and its former CEO Sam Bankman-Fried have drawn praise from blockchain specialists and citizen journalists, according to Coinbase CEO and co-founder Brian Armstrong.

In a tweet from November 16 that has been retweeted more than 9,000 times as of this writing, Coinbase CEO, Armstrong, made the claim that average people, rather than the traditional media, had learned about many of the developments connected to the liquidity crisis and FTX’s subsequent bankruptcy filing.

Armstrong, the Coinbase CEO, commented on a recent “puff story” in the New York Times, calling it “feels like a turning point for citizen journalism and loss of trust in MSM” (mainstream media).

Twitter has broken just about every piece of this FTX story using blockchain analytics, while NYT is writing puff pieces on a criminal.

Feels like a turning point for citizen journalism and loss of trust in MSM.

— Brian Armstrong (@brian_armstrong) November 16, 2022

Crypto Twitter users have also expressed their strong disapproval of the post, with Polygon Studios CEO Ryan Wyatt accusing Bankman-Fried of committing “major crimes” and doing “a disservice to all of those harmed” in a tweet directed at the author.

Since purchasing the social media platform in October, Elon Musk has tweeted numerous times about the growth of citizen journalism.

Mainstream media will still thrive, but increased competition from citizens will cause them to be more accurate, as their oligopoly on information is disrupted

— Elon Musk (@elonmusk) November 11, 2022

Blockchain tracker Whale Alert announced on November 5 that slightly under 23 million FTX Token, or around 17% of the circulating supply and valued at $584.8 million at the time, have been shifted onto Binance as an illustration of the growth of blockchain analysis and citizen journalism.

This incident turned out to be one of the early warning indications of the liquidity crisis at FTX; nonetheless, the NYT did not cover this story until 8 November.

Coinbase CEO Highlights Blockchain Analytics Efforts

Blockchain researchers were also the first to report the FTX hack, with Twitter users meticulously monitoring the transfers of money to various wallets and concluding it was a hack hours before FTX made its formal disclosure. The Coinbase CEO made sure to applaud them as well.

With figures like Musk, BankToTheFuture CEO Simon Dixon, and internet entrepreneur Kim Dotcom who have joined, Twitter Spaces has also become the home of “The Roundtable Show,” a gathering of members of the crypto community hosted by Mario Nawfal that has been providing live updates and commentary on the FTX saga as it develops with 891,499 viewers tuning in.

Twitter has been helpful in breaking news and insight on the FTX issue on numerous occasions, but it has also been the home of a fair share of conspiracies and flat-out fake information.

Speculation that Bankman-Fried was using the recently posted tweets to remove previous, potentially damning ones spread like wildfire on the social media platform as a result of his recent cryptic Twitter thread, which was eventually disproved.

Twitter users suggested Bankman-Fried was fleeing to Argentina on November 12 based on his private jet’s departure from The Bahamas. He denied this, and a source later told local media that Bankman-Fried was being watched over by Bahamian officials.

Filed Under: News, World Tagged With: Brian Armstrong, Coinbase, ftx

Coinbase CEO Bashes the US Regulators for its Probe Into FTX

November 10, 2022 by Goku

The news that American regulators were looking into FTX US, Coinbase, and Binance US in the wake of the FTX crisis disappointed Coinbase CEO, Brian Armstrong.

According to Armstrong, it makes no sense to take enforcement action against US-based companies for wrongdoings committed by an offshore cryptocurrency exchange that are outside the purview of US regulators.

Senator Elizabeth Warren’s request for “aggressive enforcement” as a follow-up to the FTX crisis prompted Armstrong to respond. The Securities and Exchange Commission (SEC) is to blame, according to the CEO of Coinbase, for the lack of regulatory clarity in the US, which he claims caused 95% of trading activity to move to foreign exchanges.

https://t.co/0HxlRiI6Sy was an offshore exchange not regulated by the SEC.

The problem is that the SEC failed to create regulatory clarity here in the US, so many American investors (and 95% of trading activity) went offshore.

Punishing US companies for this makes no sense.

— Brian Armstrong (@brian_armstrong) November 10, 2022

Coinbase CEO says that SEC failed to create regulatory clarity

Brad Garlinghouse, the CEO of Ripple and a defendant in a securities lawsuit filed with the SEC, used Singapore as an illustration. According to him, businesses in the US receive no guidance on how to comply, whereas, in Singapore, there is a clear licensing framework and tax economy, making compliance much simpler.

In contrast, Singapore has a licensing framework, a token taxonomy that is established, and much more. They can effectively regulate cryptocurrency because they have defined what “good” looks like and are aware that not all tokens are securities (despite what Chair Gensler insists).

The regulators are reportedly looking into whether or not some of FTX’s cryptocurrency lending products qualify as securities. Regulators are also investigating its connections to the parent company, which has its headquarters in The Bahamas.

With millions of users worldwide, FTX was one of the biggest cryptocurrency exchanges. Up until January 2022, the exchange had raised billions in a number of funding rounds. Even during the second quarter’s peak of the crypto contagion, FTX appeared unharmed and even bailed out numerous lending companies.

However, as of right now, the Binance deal failed 48 hours after it was announced. New allegations of improper handling of users’ funds and use of their own native token, FTX Token, as collateral have surfaced. SBF apparently asked investors for $8 billion in emergency funding due to the severity of the liquidity crisis.

Filed Under: Industry, News Tagged With: Brian Armstrong, Coinbase

Here’s How Coinbase CEO Reacted On Uniswap’s Matching Its daily Trade Volume

July 19, 2022 by Lipika Deka

Coinbase CEO Brian Armstrong responded to a report by Clara Medalie showing that decentralized exchange Uniswap’s daily trade volume has risen up to match the levels of Coinbase.

As per the statistics provided by Kaiko’s research director, Uniswap’s daily trading volume surged by 22% since the beginning of the year and, in its values, is nearing the levels of one of the largest centralized crypto exchanges, Coinbase.

The data also showed the market share volume of decentralized protocol compared to Coinbase has increased from 27% to nearly 50%.

Armstrong tweeted that the report took only Coinbase’s centralized exchange into consideration and overlooked the fact that it also operates through different channels like wallets and DEXes.

“In other words, for the Uniswap portion of the graph, a bunch of those orders is coming through Coinbase! So the story is more complex”, the tweet read.

Acknowledging Uniswap’s tremendous growth, the chief exec reiterated that Coinbase loves DEXes and will continue integrating with them.

Experts are of the view that the major surge has been due to Ethereum’s network transaction fees hitting the lowest since 2020.

In addition to that, the strong growth can also be attributed to DEXs providing liquidity for stablecoin swaps following the Terra blowup.

In the following thread, Kaiko expert Medalie also dived into Ethereum DEX market share, and found out Uniswap pretty much dominates the space about 80-90% of total daily volume.

However, the researcher observed DEX platforms so far occupy only a small share of the volumes of large centralized exchanges.

Coinbase & Co. Continue To Rule The Roost

For instance, the total share of the daily trading volume of all DEXes on the Ethereum blockchain comprises only 8% of the total share of CEXs like Binance, FTX, and Coinbase.

Meanwhile, the top crypto exchange, with over $2 billion in daily trading volume has recently decided to “temporarily shut down” its U.S. affiliate marketing program, according to Business Insider.

The development comes at a time when many web3 firms are exploring ways to cut costs amid a price slump in crypto assets.

The exchange reportedly plans on relaunching the program sometime in 2023 but did not provide any specific dates.

Filed Under: Fintech, News Tagged With: Brian Armstrong, Coinbase, Uniswap

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