In the crypto bear market, major crypto exchanges such as Binance and Coinbase are attempting to enter the US stock trading market, aiming to transform into comprehensive financial platforms. However, this expansion faces significant challenges including high compliance costs, low commission rates, and difficulties in user migration.
Meanwhile, traditional brokerages like Charles Schwab, Interactive Brokers, and Robinhood have shifted their focus to a business model centered on asset retention and interest income. The competitive battleground has moved from trading volume to the ability to retain customer assets.
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