Crypto Exchanges and Their Advertising Wars: Who’s Winning the Market Share Battle?

Crypto exchanges aren’t just competing for users, they're engaged in an all-out advertising war, one attention-grabbing campaign at a time. But who’s winning? And, more importantly, which marketing tactics are actually working?

The answer is complex. Crypto advertising is a high-risk, high-reward game, playing out in an industry that’s volatile, heavily scrutinised, and constantly evolving. For some, the right marketing campaign has meant a surge in users and trading volume. For others, it has led to regulatory nightmares, public backlash, and even bankruptcy.

So, let’s break down the crypto ad wars, from meme-worthy wins to multimillion-dollar flops, and see who’s really emerging as the dominant force.

The Super Bowl Moment: Coinbase’s QR Code Gambit vs. FTX’s Celebrity Endorsements

Super Bowl ads have long been the holy grail of mainstream marketing, and in 2022, crypto went all-in.

Coinbase’s floating QR code: A simple, bouncing QR code on a black screen. It cost around $14 million and broke the internet – so many people scanned it that the app crashed. But who's winning? A 309% surge in app installs and the kind of viral marketing that money can’t always buy.

FTX’s Larry David ad: The now-infamous “Don’t Miss Out” campaign starred Larry David dismissing great innovations in history – only to miss out on crypto. The ad was slick, funny, and persuasive – until FTX collapsed spectacularly, making it the ultimate irony.

Binance: The Anti-Advertising Exchange That Advertises

Binance has long taken a “we don’t need mainstream advertising” stance—until it realized that, actually, it kind of does. Instead of flashy Super Bowl ads, Binance has leaned heavily into partnerships and influencer marketing, making inroads where traditional finance won’t.

Cristiano Ronaldo NFT Collection: One of the biggest athlete collaborations in crypto, Binance’s partnership with Ronaldo introduced NFTs to an audience that might never have touched them otherwise.

Regional Sponsorships: Binance plays the long game, sponsoring the AFCON (Africa Cup of Nations) and Formula 1 teams, targeting diverse, growing crypto markets.

While Coinbase and FTX were chasing viral moments, Binance went for deep integration, making crypto a lifestyle choice rather than a fleeting trend.

Binance has recently introduced the Vote to List campaign, a community-driven initiative that empowers users to influence which new tokens are listed on the platform. This approach underscores Binance's commitment to decentralization and community engagement, allowing users to vote for their preferred projects to be featured on Binance's spot trading platform. The campaign focuses initially on BNB Smart Chain-based tokens, with plans to expand to other projects in the future. By involving the community directly in listing decisions, Binance aims to enhance transparency and align its offerings with user interests.

Kraken: The Institutional Whisperer

While other exchanges are investing millions in sports sponsorships, Kraken has taken a more strategic approach, targeting the institutional and professional trading community rather than the retail buyer.

Education-First Approach: Kraken invests in market reports, deep-dive research, and webinars, ensuring the brand is synonymous with expertise, not just hype.

Regulatory-First Marketing: Kraken positioned itself as the “safe” choice, leaning on compliance to attract serious traders in contrast to Binance that has encountered regulatory challenges in various regions.

NFT Marketplace Differentiation: Rather than promoting its NFT marketplace through celebrity endorsements, Kraken highlights gas-free trading and curated collections, appealing to crypto-native users.

Kraken’s strategy emphasizes long-term trust-building rather than flashy marketing, a move that could pay dividends as regulators tighten their grip on the industry.

OKX: The Underdog Playing It Smart

OKX may not have the same brand recognition as Binance or Coinbase, but it’s quietly becoming a major player through sports sponsorships, brand partnerships, and high-energy digital campaigns.

Premier League Dominance: OKX sponsors Manchester City, tapping into football’s massive global fanbase.

McLaren F1 Partnership: Another strategic move into sports, OKX aims to position itself as a premium brand by associating with high-performance industries.

Innovations: OKX is aggressively marketing AI-driven trading tools and other Web3 products, appealing to the degen crypto buyers. 

With a mix of sports appeal and future-tech positioning, OKX is proving it can punch above its weight.

Advertising in a Post-Crash World

Crypto’s 2021-2022 bull run saw exchanges spending recklessly on marketing, but the collapses of FTX, Celsius, and Voyager changed the narrative. Now, regulators are watching every ad, every claim, and every influencer endorsement with a microscope.

The UK’s FCA clampdown: New rules require exchanges to display clear risk warnings, making flashy advertising harder.

The US SEC’s aggressive stance: Celebrity endorsements and misleading claims can now result in fines or lawsuits (just ask Kim Kardashian and her EthereumMax debacle).

Exchanges adjusting their messaging: Crypto firms are now pushing security, compliance, and stability rather than speculative hype.

The era of wild crypto advertising might be over—but that doesn’t mean exchanges will stop fighting for dominance.

Who’s Winning the Crypto Ad Wars?

Each exchange is playing a different game:

- Coinbase: Viral, high-visibility, mainstream appeal. Great for onboarding new users.

- Binance: Global, community-driven, focused on long-term crypto adoption.

- Kraken: Institutional, regulatory-friendly, built for serious traders.

- OKX: Aggressive, sports-focused, blending Web3 with mass-market appeal.

Whether you’re a degen chasing the next big airdrop or an expert marketer tracking the evolution of fintech advertising, the crypto ad wars offer a masterclass in branding, risk, and adaptation. Exchanges aren’t just selling a product—they’re selling a belief in a new financial system. And as history has shown, the biggest brands in finance aren’t built overnight—they’re built through bold moves, market trust, and, yes, a little bit of marketing magic.

The big question is: who will get it right in the long run?

From Super Bowl ads to sports sponsorships and viral influencer campaigns, the biggest crypto exchanges—Binance, Coinbase, Kraken, and OKX—are locked in a marketing battle for dominance. But in a heavily scrutinised industry, is flashy advertising enough?