Coinbase and Binance at war?

Changpeng Zhao posted a tweet, which he later deleted, doubting Coinbase's reserves, which the CEO of the exchange, Brian Armstrong, has defended

Exchanges & Wallets November 23
News Mundocrypto

Over the last few weeks, as volatility has dominated the cryptocurrency market, Changpeng Zhao has been the subject of discussion. The founder of the Binance empire has been accused by different crypto users of having caused the fall of FTX and its associated companies. The reason would be the announcement of the sale of his holdings in FTT due to "irregularities" in Alameda Research’s figures.

These accusations come after the publication of a tweet on his behalf, directed at another direct competitor, Coinbase. In that tweet, which was later deleted by CZ, the CEO of Binance gave rise to speculation as to whether Coinbase's Bitcoin reserves were insufficient, comparing the data between the BTCs that Coinbase Custody would have and those that the exchange would have.

Following this, the CEO of Coinbase, Brian Armstrong, has taken to Twitter, to reassure users about the financial health of the exchange. And his message was quite clear: 

“If you see FUD out there, remember, our finances are public (we are a public company)

In those accounts, as published by Armstrong, Coinbase would have about 2 million bitcoins as of September 30. Something that CZ himself acknowledged, announcing that the CEO of Coinbase had informed him that the numbers quoted by Binance were incorrect. Despite acknowledging this, Changpeng Zhao faced criticism from the community, stating that it was not good practice to publish and delete such things. 

Coinbase is known as one of Binance's strongest rivals within the industry, and it appears that this may have weakened relations between the two. Are we facing a war between exchanges?


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The exchange commences an internal reorganization process after stating that it has “no exposure to FTX”, but it is not immune to the ensuing market crash.

Exchanges & Wallets