Coinbase To List Rival Binance's Token? Changpeng Zhao Had A Laugh Hours Before Token Added To COIN Roadmap Amid BNB's Record Breaking Run
News Summary
On October 16, 2025, Coinbase Global Inc. (NASDAQ:COIN) added BNB (CRYPTO: BNB), the native token of rival exchange Binance, to its listing roadmap as BNB surged to record highs. Coinbase stated that the official launch of BNB is contingent on market-making support and required technical infrastructure, warning that depositing the token before an official announcement could lead to loss of funds. Notably, just hours before Coinbase's announcement, Binance co-founder Changpeng Zhao (CZ) responded with a laughing emoji to an X post questioning Coinbase's perceived "hypocrisy" for not listing BNB, one of the largest cryptocurrencies by market capitalization. BNB has been on a record-breaking bull run in 2025, hitting a new high of $1,370.55 earlier this week, rallying nearly 70% year-to-date and outperforming major cryptocurrencies like Bitcoin and Ethereum. Binance remains the world's largest cryptocurrency exchange with 24-hour volumes exceeding $25 billion, while Coinbase, the largest U.S. platform, recorded just over $3 billion in the same period. Following the news, Coinbase shares rose 0.50% in after-hours trading.
Background
Coinbase and Binance are two of the world's largest cryptocurrency exchanges, each holding significant market share in their respective regions. Coinbase primarily serves the U.S. market and operates under stringent U.S. regulations, being the only publicly traded crypto exchange in the country. Binance operates globally but has faced scrutiny and challenges regarding its operational model and regulatory compliance across various jurisdictions worldwide. BNB is the native token of the Binance ecosystem, initially used for paying trading fees on the Binance platform and granting holders various benefits, such as participation in Launchpad projects and trading discounts. Its value is closely tied to the development of the Binance ecosystem. For a long time, Coinbase had not listed BNB, which led to questions within the crypto community regarding its commitment to an "open" principle, especially considering BNB's market capitalization and trading volume.
In-Depth AI Insights
What are the deeper strategic motivations behind Coinbase listing a rival's token? - Despite the overt rivalry, this move could be a pragmatic strategy for Coinbase to expand its tradable asset portfolio, aiming to attract more users and trading volume, especially given BNB's strong performance. - It might also be a regulatory risk management tactic, demonstrating an openness to a broader market of tokens to counter criticism of its "gatekeeper" role and potentially position itself more favorably in future discussions with regulators. - In the long run, Coinbase might be looking to diversify its offerings and reduce reliance on a few dominant tokens to maintain competitiveness in a rapidly evolving crypto market. How does BNB's strong performance in 2025 influence the competitive landscape of the cryptocurrency market? - BNB's significant rally highlights the strong appeal of the Binance ecosystem, including its Launchpad and DeFi applications, further solidifying Binance's position as the world's largest cryptocurrency exchange. - Coinbase's decision to list BNB at this juncture indicates its recognition of BNB's market importance and user demand, likely aiming to capitalize on BNB's momentum rather than letting users simply move to other platforms for trading. - This move could prompt other exchanges to re-evaluate their listing strategies and potentially accelerate the trend towards greater interoperability and cross-platform trading among different exchange tokens, blurring traditional competitive lines. What are the potential regulatory implications for such cross-platform crypto asset listings under the U.S. (Trump administration) regulatory environment? - Under the Trump administration, cryptocurrency regulation may remain inherently uncertain, or even see shifts towards more pragmatic, less ideologically driven policies. Coinbase might be calculating that the benefits of listing BNB outweigh potential regulatory risks in the current climate. - However, given Binance itself faces regulatory challenges globally, Coinbase listing BNB could invite closer scrutiny from U.S. regulators, especially if BNB is deemed an unregistered security by the SEC. Coinbase would need to ensure its compliance framework can withstand potential legal challenges. - This move could also be interpreted as a signal of self-regulation within the crypto industry, where integration by mainstream platforms enhances market liquidity and accessibility, which might subtly influence the shaping of future regulatory frameworks.