On June 22, Binance.US, the American branch of crypto exchange, revealed a new fee structure that charges no fees for any users who trade bitcoin (BTC) for four selected pairs. With this initiative the platform is trying to make it the first exchange in the United States to do so. The exchange is evolving this new fee structure to attract more users. The announcement is made nearly two months after the firm secured approximately $200 million in a seed funding round that valued the organisation at $4.5 billion which have been used to develop new products and services.
The users will not pay fee for these four bitcoin pairs:
- BTC/USD
- BTC/USDT
- BTC/USDC
- BTC/BUSD
CEO of Binance.US, Brian Shroder stated:
“As an established leader on low fee trading, we are excited to be the first US crypto exchange to eliminate spot trading fees on numerous Bitcoin pairs for all users. We see this as an opportunity to revolutionize the way fees are approached in our industry, increase accessibility to crypto, and better support our market and customers in a time of need.”
And further expressed:
“Binance.US is on a mission to empower everyone to do more with their money, and this brings us one step closer in that journey.”
Binance.US stated that it does not profit from no-fee transactions. This is in contrast to companies like Robinhood (HOOD), which provides commission-free crypto transactions but makes profit by routing traders’ orders to multiple exchanges.
The new step taken by the exchange will build strain to bring down expenses for other crypto trades, like Coinbase Global Inc. Money Street investigators including Dan Dolev of Mizuho Securities.
The CEO of Binance, Changpeng Zhao has appreciated the move taken by Binance.US team.
Great move. Zero-fee $BTC trading can help to accelerate crypto adoption and move the industry forward.
Nice work by @BrianShroder & @BinanceUS team. Let's keep finding new ways to grow crypto. https://t.co/j8J8ZQeG4H
— CZ 🔶 Binance (@cz_binance) June 22, 2022
CEO of Binance.US, Brian Shroder expressed in an interview with Bloomberg that:
“Since inception, we have been known for our really low fees. Something that we want to do because we can. This will generate positive user sentiment that will bring us new users.”
According to Coinmarketcap the price of bitcoin is $20,359.14 with a 24-hour trading volume of $28,997,953,846. At the time of writing Bitcoin is up 0.95% in the last 24 hours.
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