Gemini, the third-largest cryptocurrency exchange in the US, officially supports BNB trading and custody services. According to CrowdfundInsider, Gemini announced the launch of BNB trading and custody services on the 23rd (local time).
BNB is the core token of the Binance ecosystem, the world's largest cryptocurrency exchange. It is utilized across trading fee discounts, on-chain services, DeFi, and Web3 applications. Major exchanges in the US have been cautious about supporting BNB, citing regulatory challenges and competitive landscapes.
Kraken, the second-largest exchange in the US, listed BNB in April of this year and expanded its custody services in July. With Gemini's addition, more top US exchanges now support BNB, both in trading and custody.
Meanwhile, Coinbase, the leading US exchange, still does not offer BNB trading or custody. The media outlet analyzed that Coinbase's decision is likely related to its direct competition with Binance and its ecosystem-focused strategy.
Gemini's decision goes beyond simply listing a new asset, and is seen as a subtle shift in the landscape of the US cryptocurrency market. While BNB has historically enjoyed significant global liquidity and utility, it has enjoyed limited access within US institutional exchanges. However, with Gemini now supporting both BNB trading and custody, following Kraken, BNB is gradually being incorporated into the US market as a manageable asset.
The expansion of custody support is particularly significant in attracting institutional and corporate investors. Unlike simple spot trading, custody infrastructure is considered a prerequisite for institutional investors. Gemini's latest move signals a significant increase in accessibility for BNB in the US.
The industry is noting that, despite the ongoing uncertainty surrounding the US regulatory environment, it's becoming increasingly difficult for exchanges to ignore global liquidity and user demand. Analysts suggest that if BNB is gradually integrated into the trading and custody infrastructure of major US exchanges, it could impact future altcoin support strategies in the US market.
Meanwhile, the question of how long Coinbase's non-support for BNB will last is also emerging as a matter of interest. With competing exchanges increasingly embracing BNB, whether Coinbase will adjust its strategic approach will likely be another variable in the US cryptocurrency market.
