Kaspa Analyst Explains Why Coinbase and Binance Still Haven’t Listed $KAS

Axel, a long-time Kaspa community member, wrote on X that Coinbase and Binance have yet to list Kaspa ($KAS) even though its technology is stronger than many layer-1 networks. He highlighted that Kaspa processes more transactions per second than Coinbase’s Base chain and charges lower fees than Binance’s BNB Chain. Kaspa also relies on pure proof-of-work security. In his view, that combination makes Kaspa a direct competitor to the chains these exchanges own and operate.

Axel thinks that is the key reason for the delay. Listing $KAS would bring more attention and trading volume to a project that could draw developers and users away from their own ecosystems. For now, he believes Coinbase and Binance prefer to protect their chains. Still, he ends with the claim that growing demand will eventually force them to add Kaspa.

Why @coinbase & @binance haven’t listed $KAS (yet) Kaspa is faster and cheaper than almost every L1 today. Higher throughput than Base (Coinbase) Lower fees than BNB Chain (Binance) Pure Proof-of-Work securityListing Kaspa would directly compete with their own…

— Axel | KASPA Revolution (@AKruse293) September 14, 2025

There is truth to the idea that big exchanges look out for their own networks first. But there are other factors to consider. Kaspa’s price action has been slow for much of the past year, with long periods of sideways trading. Exchanges like Binance and Coinbase typically look for strong, consistent volume before they commit resources to a new listing. If daily trading remains modest, they may see little short-term incentive to move quickly.

Regulation and technical readiness also play a role. Both exchanges face heavy compliance requirements, and integrating a proof-of-work chain like Kaspa takes time and risk assessments. From that angle, the delay could be as much about business and legal caution as about protecting their own chains.

So while Axel is right that Kaspa’s growth could eventually make a listing hard to avoid, it may not happen soon. The network needs stronger and steadier market activity to push its way to the top of exchange priorities. For now, Kaspa’s technology is impressive, but the combination of slow price momentum and strict exchange policies makes an immediate listing far from certain.

Read also: Kaspa Price Hit by Record Long Liquidations as Network Activity Explodes

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