US President Donald Trump’s cryptocurrency enterprise, the Official Trump (TRUMP) memecoin, has generated multimillion-dollar positive aspects for crypto exchanges, along with income for its creators.
Launched just about six months ago, the TRUMP memecoin has generated at the very least $172 million in buying and selling charges for 10 crypto exchanges, together with Binance, Coinbase, OKX and extra, according to a Reuters report on Monday.
In itemizing TRUMP, some exchanges reportedly disregarded the truth that 80% of the coin’s supply was held by the Trump family and its companions, a difficulty they’d beforehand seen as a purple flag for exchanges because of its concentrated provide.
Whereas 45 crypto wallets made about $1.2 billion in income from TRUMP trades, the overwhelming majority of 712,777 collectively misplaced at the very least $4.3 billion, in response to the report.
TRUMP listed a lot quicker than friends
Amongst different findings, Reuters highlighted a major discrepancy between the durations of time taken by exchanges to listing TRUMP towards different memecoins comparable to Pepe (PEPE), Bonk (BONK) and dogwifhat (WIF).
The total listing of the analyzed centralized crypto exchanges (CEXs) included Binance, Gate.io, Bitget, MEXC, OKX, Coinbase, Bybit, Upbit, Crypto.com and HTX.
“On common, the ten exchanges took 129 days to listing these cash. For TRUMP, they took a median of 4,” the report stated. Crypto exchanges Bitget, Coinbase and MEXC stated they moved quick to reply to “overwhelming demand” for the Trump coin.
Coinbase decided in simply at some point
Whereas most exchanges took about 4 days to listing TRUMP, Coinbase reportedly made up its thoughts in simply at some point.
“Given the knowledge that was shared publicly, we have been assured that customers may interact with the token positively and safely,” Coinbase Chief Authorized Officer Paul Grewal was cited as saying.
He additionally stated Coinbase listed the memecoin as an “experimental” token in a transfer to point that it comes with “sure dangers, together with value swings.”
Though Coinbase moved quick for itemizing TRUMP, the alternate was compelled to dam the memecoin’s buying and selling from sure residents within the US.
Associated: CZ shares rumors linking Coinbase to Bloomberg’s Trump stablecoin report
Coinbase reportedly blocked New York residents from accessing TRUMP because of potential dangers associated to a warning from the New York State Division of Monetary Companies (NYDFS) issued on Jan. 16, at some point earlier than the launch of TRUMP.
Referring to memecoins as “sentiment-based digital currencies,” NYDFS particularly highlighted dangers together with shopper losses, wash buying and selling, pump-and-dump schemes and different types of market manipulation.
Among the analyzed exchanges, together with MEXC and Bitget, additionally acknowledged that they disregarded previous issues about TRUMP’s provide focus in an effort to serve the demand.
“Eighty p.c held by the group, though there’s slightly little bit of a lock-up interval, is in my view very dangerous,” Bitget CEO Gracy Chen reportedly stated. “Finally, person buying and selling quantity, demand […] overrode the so-called dangerous issue right here,” she stated.
The most recent figures on CEXs’ income from TRUMP got here a number of months after the Monetary Instances estimated that the memecoin’s operators earned at least $314 million from gross sales and $36 million from Solana charges in simply round three months since its launch.
Journal: China’s 100K TPS blockchain, Japan’s Minna Bank eyes Solana: Asia Express
Cointelegraph by Helen Partz Crypto Exchanges Made $172M On Trump Memecoin: Report cointelegraph.com 2025-07-14 14:47:08
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