Binance vs Coinbase: the biggest vs the best

[MrSpasybo]

Crypto analytics provider Messari has compiled a report concluding that the fabled “Coinbase effect” — the popular belief that new token listings on Coinbase tend to outperform launches on other exchanges — is true.

The Coinbase effect may be to do with the exchange’s popularity and strong brand name or be a bi-product of U.S. crypto regulations deterring many exchanges and issuers from offering services to residents of the United States, limiting the ability for retail investors to access many altcoins.

Source: Messari: New Coinbase listings really do outperform rival exchanges

We can easily understand the strong increase in ADA price in the past when news emerged that ADA will be listed on Coinbase Pro & Coinbase.
Binance is known as the largest crypto exchange in the world, with a daily trading volume of $29.3B, 9 times more than Coinbase Pro but Binance's impact on the crypto market is no greater than Coinbase.
Some possible reasons are listed below:
+ Coinbase is the main investment channel of major financial institutions, and Binance is a market for retail investors: whale purchasing power is very large and stable, with little volatility. Coinbase & Binance BTC price spread has become an indicator of market trends;
+ Coinbase is considered more reputable and older than Binance, Coinbase lists very good tokens and rarely delist 1 token;
+ Coinbase serves the US market: the most vibrant, richest market;
+ Coinbase is closest to the realm of the two markets crypto-stock: the fact that Coinbase is about to list COIN on the stock exchange.

What do you think about Coinbase's impact on newly listed tokens? Should we see it as manipulative? And do you think Coinbase is better than Binance?