In the cryptocurrency industry, the relationship between Binance and Coinbase is often described as 'bad' or 'tense.' This statement has some factual basis, but is more a result of structural competition and the amplification of community narratives. On February 9, 2026, Binance officially launched the COINUSDT perpetual contract, which seems to contrast with the impression of a 'bad relationship.' Below, we analyze two core questions from an objective perspective: Why do people always say that the relationship between the two is bad? And why did Binance choose to launch the COIN perpetual contract? Finally, we provide the author's personal opinion.

1. Why do people always say that the relationship between Binance and Coinbase is bad?

Such rumors are not groundless and mainly stem from the following several objective and long-standing factors:

1. Fundamental opposition between market positioning and user groups

- Binance: Long-term number one in global trading volume, emphasizing low fees, the largest variety of currencies, and the most diverse products (contracts, Launchpool, Web3 wallets, etc.), mainly serving global retail investors, leveraged players, and high-frequency traders.

- Coinbase: A compliance representative in the US, a publicly listed company, with fewer currencies, higher fees, and more conservative products, mainly attracting institutional investors, middle-class Americans, and long-term holders.

The two are in a zero-sum relationship in terms of traffic, ecological competition, and narrative power: an increase in one party's market share often means a compression of the other.

2. Distinct contrast in regulatory paths

In 2023, the US SEC almost simultaneously sued Binance and Coinbase, but the subsequent developments were completely different:

- Binance/CZ pleads guilty, pays a huge fine, CZ goes to jail, the company significantly withdraws from the US compliance business.

- Coinbase chose to confront directly, continuously lobbying Congress and promoting crypto legislation (such as the CLARITY Act), and is now seen as a "compliance benchmark."

This differentiation is interpreted with high emotion within the community: Binance supporters believe Coinbase is "clinging to regulatory thighs", while Coinbase supporters see Binance as a "representative of the gray area."

3. Historical public frictions and community amplification

- The controversy surrounding listing fees in 2025: project parties and VCs accused Binance of charging high fees, while the Coinbase camp took the opportunity to criticize its lack of transparency; Binance retaliated by pointing out that Coinbase's Base chain ecological projects are few and have poor liquidity.

- Binance has made multiple attempts or rumors to return to the US market, which is seen as a direct threat to Coinbase's local position.

- X platform's algorithm prefers opposing content; any negative news from either side (Binance's "manipulating K-lines", Coinbase's "high fees") can easily be interpreted as being done by the opposing side, further reinforcing the impression of a "bad relationship."

The rumored underlying soil is the fierce competition between two completely different survival paths in a limited market, combined with regulatory differences and social media amplification effects, forming a widespread perception of a "bad relationship." But this is more a natural manifestation of commercial competition than a private vendetta.

Second, why does Binance want to launch the COIN perpetual contract?

On February 9, 2026, at 15:00 (UTC), Binance Futures will launch the COINUSDT perpetual contract (with a maximum leverage of 10 times, settled in USDT), and also launch perpetual contracts for MSTRUSDT, AMZNUSDT, PLTRUSDT, CRCLUSDT, and other US stocks. This is not a spot tokenized stock, but rather a price-tracking derivative. Binance's motivation for this move can be objectively analyzed from the following perspectives:

1. Product diversification driven by user demand

Binance has consistently enhanced platform stickiness and trading volume through a rich product line. Stock perpetual contracts allow crypto users to trade traditional US stock prices with leverage 24/7 without the need for a traditional brokerage account, bypassing market opening hours and geographical restrictions. As the most representative publicly listed company in the crypto industry, COIN naturally has high traffic and easily attracts users interested in the price trends of Coinbase's stock.

2. Aligning with the major trend of TradFi × Crypto integration

In 2026, the US crypto policy environment is becoming more friendly, with tokenized assets, RWA, and stock derivatives becoming market hotspots. Binance's choice of perpetual contract format effectively avoids the red line of securities regulation while seizing market share in this emerging track.

3. Symmetric commercial responses

Coinbase had previously launched BNB spot and perpetual contracts on international platforms, which is equivalent to acknowledging that users have the demand to engage with Binance's ecological assets. The launch of the COIN perpetual contract by Binance forms a kind of "mirror symmetry": both parties are expanding their revenue sources by introducing products from each other's ecosystems, rather than simply targeting attacks or appeasements.

4. Direct commercial interests

Similar to the launch of stock perpetual contracts, this usually leads to a significant increase in short-term trading volume and fees. COIN, as a crypto-related stock, has strong volatility and high topicality during bull market cycles, making it an ideal derivative target.

As for the "bad relationship" between Binance and Coinbase, it is more of a community narrative and competitive facade; at its core, it is a highly rational commercial game. The launch of each other's assets' derivatives/spot by both parties precisely indicates that the crypto industry is moving from a "zero-sum confrontation" to a new phase of "mutual penetration but still distinguishing between strengths and weaknesses."

My personal view

- This is neither a signal of reconciliation nor a passive-aggressive move, but rather an inevitable choice for mature exchanges—commercial interests always take precedence over emotional narratives.

- This kind of mutual "traffic harvesting" behavior is beneficial for users: providing more trading options, lower entry thresholds, and more diverse gameplay.

- In the long term, whoever can better integrate TradFi and Crypto, and whose product experience and compliance balance are better, will be more likely to dominate in the next cycle.

The crypto market has never lacked drama, but it also has never lacked rationality. The launch of the COIN perpetual contract by Binance is just another proof: in this industry, competition can be fierce, but business still needs to be done.

Welcome rational discussions:

Do you think this is Binance's strategic masterstroke or a potential risk?

What will be the next asset to be "mutually launched"?