Binance
Expanded rapidly through aggressive listings and deep liquidity but encountered regulatory scrutiny across jurisdictions.
Coinbase
Earned user trust with strict compliance, transparent reporting, and a successful public listing.
Kraken
Adopted a security-first model, implementing proof-of-reserves and building credibility through resilience.
Key Lessons
Exchanges that prioritize security, compliance, liquidity, and user experience achieve long-term growth. Weak governance or poor transparency undermines trust quickly.