The official Trump (Trump) memocoin, US President Donald Trump’s cryptocurrency venture, has generated millions of dollars in profits for crypto exchanges.
Trump’s Memecoin, released about six months ago, generated at least $172 million in trading fees on 10 crypto exchanges, including Binance, Coinbase, OKX and more, according to a Reuters report on Monday.
On Trump’s list, some exchanges reportedly ignored the fact that 80% of the coin supply is held by the Trump family and their partners.
The 45 crypto wallets earned around $1.2 billion in profits from the Trump trade, but the majority of the 712,777 lost at least $4.3 billion in bulk, according to the report.
Trump was listed much faster than his peers
Among other findings, Reuters highlighted a significant inconsistency between the period Trump took by the exchange to list Trump against other Memecoins, such as Pepe (Pepe), Bonk (Bonk), and Dog Wifat (WIF).
The complete list of analyzed centralized Crypto exchanges (CEXS) includes Binance, Gate.io, Bitget, MEXC, OKX, Coinbase, Bybit, Upbit, Crypto.com, and HTX.
“On average, 10 exchanges took 129 days to list these coins. In Trump’s case, they took an average of four,” the report said. Crypto has traded Biteg, Coinbase and Mexc and said it moved quickly to meet the “overwhelming demand” of Trump Coins.
Coinbase made the decision in just one day
Most exchanges took about four days to list Trump, but Coinbase reportedly made up its mind in just one day.
“Given the information that was shared publicly, we were convinced that users could be actively and securely involved with the token,” said Paul Grewal, Chief Legal Officer at Coinbase.
He also said Coinbase listed Memecoin as a “experimental” token in a move indicating that it was “certain risks including Price Swings.”
Coinbase moved quickly to list Trump, but the exchange was forced to block memo coin trading from certain US residents.
Related: CZ shares rumors linking Coinbase to Bloomberg’s Trump Stub Coin Report
Coinbase reportedly blocked New York residents from accessing Trump due to potential risks related to warnings from the New York State Department of Financial Services (NYDFS), issued on January 16th one day before Trump’s launch.
Calling MemeCoin “a sentiment-based cryptocurrency,” the NYDF specifically highlighted risks such as consumer loss, cleaning, pump-and-dump schemes and other forms of market manipulation.
Some of the analyzed exchanges, including MEXC and Bitget, also admitted that they ignored past concerns about Trump’s supply concentration in their efforts to meet demand.
“Even if the team is held by 80%, there’s a bit of a lockup period, but in my opinion it’s very dangerous,” says Gracy Chen, CEO of Bitget. “In the end, the volume of users, demand (…) overturned what is known as dangerous factors here,” she said.
The latest figures on CEXS’ profits from Trump come a few months after the Financial Times estimated that Memecoin operators had won at least $314 million from sales and $36 million from Solana fees in just three months since its launch.
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