Jim Chanos, a well-known short-seller and founder of Kynikos Associates, criticized Coinbase Global Inc. and its users through his @WallStCynic Twitter account. He called the platform’s users “clueless,” claiming Coinbase earns a significant portion of its revenue from interest income generated by customer deposits left in non-interest-bearing accounts.

However, a Twitter user countered Chanos, stating that interest income primarily comes from the USD Coin stablecoin issued by Circle, not customer balances at Coinbase. Chanos replied that anyone holding USDC, even in a wallet, is a Coinbase/Circle customer and is providing “float” income to both companies, wherever the stablecoin is held.

Coinbase has been discussing plans with institutional clients, market makers, and investment firms to set up a new crypto-trading platform overseas amidst an intensifying US regulatory crackdown on cryptocurrencies.

Cryptocurrencies have taken the world by storm, with many investors looking to profit from the rapidly evolving market. However, with so many cryptocurrency trading platforms available, it can be challenging to know which one to choose. In this article, we will discuss some of the most reputable platforms that other traders use.

Coinbase is one of the most popular cryptocurrency trading platforms in the world, and for good reason. It offers a user-friendly interface and allows you to buy, sell, and store a variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. Additionally, Coinbase has high-security standards and is regulated by the United States government

Kraken is a reputable cryptocurrency exchange that has been in operation since 2011. It is known for its high-security standards and is often used by institutional investors. Kraken supports several cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, among others.

Gemini is a New York-based cryptocurrency exchange founded by the Winklevoss twins. It is regulated by the New York State Department of Financial Services, making it a safe and secure option for traders. Gemini supports several cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, and offers competitive trading fees.

eToro is a social trading platform that allows users to copy the trades of successful traders. It also offers a broad range of trading options, including cryptocurrencies, stocks, and commodities. eToro is known for its user-friendly interface and low trading fees, making it an attractive option for beginner traders.

There are numerous cryptocurrency trading platforms available today, each with its strengths and weaknesses. By using one of the reputable platforms discussed in this article, you can feel confident that your investment is in good hands. However, it’s essential to conduct your research and select the platform that best suits your individual needs and preferences.

See why we left off Binance;