Amid the crypto bear market, exchanges like Binance and Coinbase are venturing into US equities to transform into comprehensive financial platforms, but face high compliance costs, low commissions, and user migration difficulties. Meanwhile, traditional brokers such as Charles Schwab, Interactive Brokers, and Robinhood have already pivoted to a profit model centered on asset retention and interest income, shifting the competitive focus from trading volume to asset stickiness.
In the midst of the crypto bear market, leading exchanges like Binance and Coinbase are turning their attention to the US stock market, attempting to transform into comprehensive financial platforms by offering US equity trading services. However, this cross-border path is not smooth — high compliance costs, continuously declining stock trading commissions, and limited willingness of crypto users to migrate to traditional securities are major obstacles.
At the same time, traditional brokers such as Charles Schwab, Interactive Brokers, and Robinhood have gradually moved away from relying on trading commissions, shifting to a profit model centered on client asset retention and interest income. The industry's competitive focus is shifting from trading volume to asset retention capability, placing higher demands on new entrants attempting to cross over.
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