Coinbase will list Binance BNB after having ruled it out for a long time

Coinbase is preparing to list BNB, the flagship token of its historic rival Binance. Such an unexpected gesture contrasts with past tensions between the two giants. In a climate of reinforced regulation and strategic repositioning, this decision could mark a turning point in the balance of power in the sector. Calculated opportunism or signal of appeasement? This connection intrigues as much as it questions.

Coinbase reaches out to BNB despite rivalry

As BNB reaches a new ATH despite a historic crypto crash, Coinbase officially added the BNB token to its listing roadmap on October 15, marking a historic first between the two opposing giants.

In an announcement relayed on X (formerly Twitter), the official Coinbase account published: “new asset added to the roadmap today: BNB (BNB)”.

This addition comes as BNB has become the fourth largest crypto asset by capitalization, with a valuation of around $164 billion. Although the asset has no use in the Coinbase ecosystem, its presence on the roadmap is seen as an implicit recognition of its economic weight, despite its competing origin.

Coinbase specifies, however, that the listing of BNB will only be effective if certain technical and liquidity conditions are met. The exchange mentions a deployment “subject to the support of market makers and the existence of sufficient technical infrastructure”which suggests a certain caution. Here are the key things to remember at this stage:

• BNB is officially added to the Coinbase roadmap, but is not yet actively traded;

• The listing depends on liquidity support (market-making) and appropriate technical support;

• BNB recently hit an all-time high at around $1,370, having doubled over the year (+98%);

• The asset remains difficult to access for American investors, which could justify the opening of Coinbase on a strategic level;

• Kraken had already listed BNB last April, marking a precedent in the US space: “stronger together”, had then commented the exchange.

In short, even if the announcement remains cautious and conditional, Coinbase is taking a symbolic step by considering the integration of an asset closely associated with its main rival.

A strategic turnaround against a backdrop of regulatory realignment

If this openness towards BNB is surprising, it is because it contrasts sharply with Coinbase's past position towards Binance. In February 2023, Coinbase announced the delisting of BUSD, the stablecoin co-branded by Binance and issued by Paxos.

At the time, the American exchange justified its decision in these terms: “Our decision to suspend BUSD trading is based on our own internal monitoring and evaluation processes”adding that the stablecoin “no longer responded to [ses] rating standards ».

This measure came in a context of strong regulatory pressure on products affiliated with Binance, which the SEC then considered to be potentially non-compliant.

Since then, the landscape has changed. Binance signed a $4.3 billion agreement with US authorities to end several criminal proceedings, while the SEC dropped certain charges in June, notably on the origin of BNB.

In this context of relative relaxation, Coinbase's decision could also be interpreted as a strategic repositioning vis-à-vis an asset which continues to dominate exchanges, despite the controversies. Yet Base creator Jesse Pollak's statement that “being listed on an exchange platform should cost nothing”as well as Coinbase Ventures' support for Limitless Labs, whose CEO criticized Binance for its listing practices, show that the debate on the ethics of listings is far from over.

This opening of Coinbase could have notable consequences for the market. If BNB becomes more accessible to US investors, this could strengthen its liquidity and potentially stabilize its price, which remains subject to strong fluctuations. But it could also fuel tensions between platforms, especially if Binance perceives this initiative as an attempt to capture its native flows. The timing is all the more strategic as BNB, despite its recent peak at $1,370, has suffered corrections, notably because of the scandals linked to the Black Friday Crash and criticism of its governance.