U.S-based Coinbase and Malta based Binance are getting ever more dominant in the crypto exchange industry.
The two behemoth exchanges reportedly boast of million 1.14 and 1.37 million visitors respectively, an awesome feat considering that no other exchanges gets anything half of the number of visitors they are getting.
It is apparent that for an industry that champions decentralization the concentration of power in the hands of the two exchanges is startling.
A case in point is when Binance decided to delist Bitcoin SV abruptly and called on other exchanges to do the same, which many of other exchanges complied with causing BSV prices to take a hit.
While the position of power for Coinbase and Binance was brought about by their business success in the crypto space the risk of harm to crypto because of this concentration of power is real and something that all crypto enthusiast should think about.
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