Coinbase is being very poorly led. They haven't innovated at all and they're confused as to who their target customers are. The brief mainstream retail rush has

Coinbase is being very poorly led. They haven't innovated at all and they're confused as to who their target customers are. The brief mainstream retail rush has thrown them off. The target customers for crypto are other investors, degens, and gamblers. Most of the money in crypto is house money, i.e. money that was made from existing crypto investments. Just see the transaction volume on OpenSea (decentralized ETH house money) vs CoinBase's NFT marketplace. Retail neither cares nor has the money for shitty jpegs. FTX understands the target market. Which is why it has focused so aggressively on futures. You can short/long practically everything on FTX with leverage. That's the investor/degen/gambler class - the bulk of money in crypto. Binance doesn't do anything extremely well, but whatever it does, it simply works. Withdrawals work, support is clumsy but works, perps work, spot trading works, even their awful chain, as full of scams as it might be, works.