As the crypto bear market persists, major exchanges like Binance and Coinbase are eyeing the US equities market, aiming to evolve from pure crypto venues into full-fledged financial platforms. However, this cross-sector move confronts significant obstacles: soaring compliance expenses, commission rates far lower than crypto trading fees, and limited willingness among users to migrate to entirely new asset classes.
In contrast, traditional brokers including Charles Schwab, Interactive Brokers, and Robinhood have long completed their business model transformation. They no longer rely on transaction commissions alone but generate profits through asset accumulation and interest income. The competitive battleground has shifted from trading volume to asset retention capabilities. For crypto exchanges to gain a foothold in US stocks, substantial investment in compliance, user experience, and asset services is required—while the ongoing bear market's capital squeeze poses the biggest challenge.