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Gum Shoe, a crypto influencer, has highlighted the long wait times and high fees at Coinbase compared to better service at Binance as evidence of the need for increased competition among U.S. crypto exchanges. This statement was made on X, formerly known as Twitter.
"I had to wait 3 hours for a Coinbase withdrawal to my SOL wallet," said Shoe. "support live chat took over 2 hours to reply to me after I paid $35K in fees just this past week. Binance gave me VIP support and a 2-minute wait time just because I have money there. Coinbase is just too expensive and that's not good for users."
The U.S. crypto market is increasingly demanding more competitive exchanges due to concerns over high fees and limited innovation. While Coinbase's user-friendly interface and regulatory compliance have established it as a dominant player domestically, critics argue that its fee structure—particularly for smaller trades—limits access and discourages frequent participation. This issue reflects broader debates about market concentration and the necessity for alternatives that better serve consumers. According to Investopedia, Binance—a leading exchange globally—offers significantly lower fees, highlighting an opportunity for U.S. exchanges with cost-efficient models to enter the market and expand consumer choice.
