ce is facing trouble in Nigeria as the country cracks down on the industry for allegedly facilitating criminal activity and undermining the naira.

two Binance senior executives, Tigran Gambaryan and Nadeem Anjarwalla, were arrested in Nigeria for allegedly ignoring criminal activities like tax evasion and money laundering. According to the government, Binance is responsible for weakening the Naira currency. In the first half of 2024, the Nigerian currency depreciated by nearly 40%, marking it as the worst-performing currency during that time.

, Binance faced legal battles in Nigeria, Turkey, and the Netherlands.

Binance’s market share dropped from 73.0% in January to 66.9% in June, while Coinbase’s share increased from 10.2% to 12.3%. FTX’s market share also declined from 5.6% to 3.8%.

Binance encountered difficulties in Nigeria as the country cracked down on the crypto industry, accusing it of facilitating criminal activity and undermining the naira. In February, two Binance senior executives, Tigran Gambaryan and Nadeem Anjarwalla, were arrested in Nigeria for allegedly ignoring criminal activities like tax evasion and money laundering.

According to the government, Binance is responsible for weakening the Naira currency. In the first half of 2024, the Nigerian currency depreciated by nearly 40%, marking it as the worst-performing currency during that time.

On the other hand, Coinbase experienced a strong first half of 2024. The exchange’s revenue increased significantly, and it also launched several new products and initiatives. In June, Coinbase announced the launch of Base, a layer-2 network that will be compatible with Ethereum.

notable development in the CEX landscape was the launch of Coinbase’s Base network, a layer-2 solution that aims to enhance Ethereum’s scalability and reduce transaction costs. Base, which was unveiled in August 2023, has quickly emerged as a major player in the L2 ecosystem.

Coinbase is also planning to launch a new decentralized exchange (DEX) in the second half of 2024. The exchange, which is still under development, will be powered by the zkSync protocol and will offer users the ability to trade cryptocurrencies directly on-chain.

Coinbase’s entry into the DEX market is significant, as it will increase competition in the space and potentially drive down fees and improve liquidity. Currently, the DEX landscape is dominated by a few major players, such as Uniswap, Curve, and dYdX.

However, Coinbase’s vast user base and experience in operating centralized exchanges could give it an edge in attracting traders and liquidity to its DEX.output