Crypto Exchanges Enter U.S. Stock Market as Traditional Brokers Shift to Asset-Retention Model

Against the backdrop of a prolonged crypto bear market, leading crypto exchanges including Binance and Coinbase are expanding into U.S. stock trading, seeking to evolve from pure digital asset platforms into comprehensive financial hubs that cover traditional assets. This strategic pivot, however, encounters significant hurdles: steep compliance costs, razor-thin commission fees in U.S. equities, and limited willingness of current crypto users to migrate to stock trading. Meanwhile, traditional brokerages such as Charles Schwab, Interactive Brokers, and Robinhood have already completed a profit model transformation—shifting away from reliance on sporadic trading commissions toward consistent interest income generated through asset custody, cash management, and margin lending. The key competitive metric has shifted from trading volume to asset retention scale, with brokers prioritizing long-term customer stickiness. Crypto exchanges seeking a foothold in the U.S. stock market must balance compliance investment with differentiated services while overcoming the inertia of cross-category user migration.