The World’s Largest Crypto Exchanges: Binance, Bybit, and Coinbase – History, Key Facts, and Opinions

The cryptocurrency market has grown exponentially over the past decade. Among thousands of platforms, three exchanges stand out as global leaders: Binance, Bybit, and Coinbase. Each has its own unique history, strategy, and user base. Let’s explore how they developed, what makes them different, and the opinions of experts on their future in 2025.

1. Binance – The Global Giant

History:Binance was founded in 2017 by Changpeng Zhao, also known as CZ, who previously worked at Blockchain.info and OKCoin. Initially based in China, Binance relocated to crypto-friendly countries like Malta after China imposed strict bans on cryptocurrency exchanges.

Performance:Today, Binance is the largest exchange by trading volume globally, with peak daily trading reaching over 65 billion USD. The platform processes up to 1.4 million transactions per second during high market activity and has over 150 million users worldwide.

BNB Token and Ecosystem:Binance Coin (BNB) has evolved beyond a simple exchange token. It powers Binance Smart Chain, is used for fee discounts, staking, and DeFi integrations, becoming a top-5 cryptocurrency by market cap.

Challenges:In 2024-2025, Binance faced increased regulatory pressure in the US and EU. It implemented stricter compliance policies and hired former government officials to align with global standards.

2. Bybit – Derivatives and Advanced Trading

History:Bybit was launched in 2018 by Ben Zhou with headquarters in Singapore and Dubai. From the beginning, Bybit focused on perpetual contracts and leveraged trading, catering mainly to professional traders.

Performance:Bybit averages 10 billion USD in daily trading volume. It offers up to 100x leverage on crypto derivatives and includes tools such as grid bots and copy trading. These features made it popular among Asian and Middle Eastern traders seeking high-risk, high-reward strategies.

Challenges:In 2023, Bybit introduced mandatory KYC verification, losing some anonymity-focused users but gaining credibility with institutional traders and regulators.

3. Coinbase – America’s First Public Crypto Exchange

History:Founded in 2012 by Brian Armstrong and Fred Ehrsam in San Francisco, Coinbase is known for its strict regulatory compliance and user-friendly interface. It became the first crypto exchange to go public on Nasdaq in April 2021 under the ticker COIN, marking a historical milestone for the industry.

Performance:Coinbase has over 110 million registered users, focusing mainly on the US and Europe. It is the preferred platform for beginners and institutional investors because of its security and regulatory alignment, despite higher fees compared to Binance and Bybit.

Challenges:Coinbase faced criticism for system downtime during periods of extreme market volatility and for delisting tokens flagged by the SEC. However, it remains a top choice for safe, regulated crypto investing.

Interesting Facts

✅ Binance processes over 1.4 million transactions per second during peak times.✅ Bybit offers up to 100x leverage on perpetual contracts, attracting advanced traders.✅ Coinbase counts major institutions such as Tesla and MicroStrategy among its clients.✅ All three exchanges invest heavily in blockchain education and cybersecurity innovation.

Expert Opinions

🔹 Binance is viewed as the all-in-one platform for traders, DeFi investors, and NFT collectors. However, future innovation could be limited by strict regulations.

🔹 Bybit is praised for advanced trading tools and intuitive interface, remaining a favorite for derivatives traders.

🔹 Coinbase continues to be the top choice for beginners entering crypto due to its ease of use and strong security, despite charging higher transaction fees.

Conclusion

Binance, Bybit, and Coinbase form the backbone of the global crypto industry. Each has its own strengths: Binance for diversity and liquidity, Bybit for derivatives trading, and Coinbase for security and regulatory compliance. Together, they demonstrate how quickly the digital asset landscape is evolving and how adaptability remains the key to success in 2025 and beyond.