According to CEO Brian Shroder, the action is being taken to “help our market and customers in a time of need,” There are no longer any fees for trading Bitcoin using US dollars on the American cryptocurrency exchange BinanceUS.
For the three most popular stablecoins, USDT, USDC, and BUSD, this includes waiving costs on Bitcoin exchanges. These stablecoins use USD reserves or other extremely liquid financial instruments to peg to the US dollar.
According to Binance.US CEO Brian Shroder, the change, which is effective right away, is “an opportunity to revolutionize the way fees are approached in our industry, increase accessibility to crypto, and help our market and customers in a time of need,”
With various Bitcoin trading pairs now free of trading costs, Binance.US becomes the first cryptocurrency exchange in America to do so. For a firm whose major business model depends on such fees, it’s a significant but maybe perplexing choice, especially given the enormous volumes of Bitcoin and USDT traded on most days.
With various Bitcoin trading pairs now free of trading costs, Binance.US becomes the first cryptocurrency exchange in America to do so. For a firm whose major business model depends on such fees, it’s a significant but maybe counterintuitive decision, especially given the enormous volumes of Bitcoin and USDT traded on most days.
This isn’t the exchange’s first recent unconventional action. Binance has advertised over 2,000 job positions despite the present bear market in cryptocurrencies, maybe in an effort to snag top industry expertise that has lately left rivals like Coinbase.
After deciding to stop running U.S. ads spot during the bull market, Binance CEO Changpeng Zhao claimed to have amassed a “war chest.” Although Binance is the biggest cryptocurrency exchange in the world, Coinbase is more well-known in the United States. Nevertheless, a risky move like removing Bitcoin trading costs can draw in more investors.
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