The resignation of Changpeng Zhao from his role as CEO of Binance caused a decline in the exchange’s appeal in the American market.
Under pressure, some users moved their funds to the Coinbase platform. Mizuho reported a significant increase in trading volumes on Binance in November, while Coinbase’s market share remained relatively unchanged.
However, this trend was short-lived as users began to return their digital assets to Binance when Richard Teng took over as CEO.
Despite the ongoing legal proceedings against Binance, Teng assured traders that the exchange will continue to operate normally and will focus on increasing support for Web3 projects.
Despite this, the attractiveness of Coinbase in the stock market has increased, with the company’s shares rising by 21% in November and reaching a peak of $128. According to Mizuho analysts, the price of Coinbase’s shares has increased by over 250% since 2023.