The cryptocurrency exchange Binance announced this Wednesday (6) that it will remove trading fees from bitcoin (BTC) for thirteen pairs with cryptocurrencies and fiat currencies.
As of July 8th, users of crypto exchange may negotiate combinations of bitcoin with thirteen coins, without any fee.
Among the fiat currencies are: Australian dollar (AUD), Brazilian real (BRL), euro (EUR), pound sterling (GBP), Russian ruble (RUB), Turkish lira (TRY) and Ukrainian hryvnia (UAH).
Among the cryptocurrencies, the following were selected: BIDR (BIDR), Binance USD (BUSD), TrueUSD (TUSD), US Dollar Coin (USDC)Pax Dollar (USDP) and Tether (USDT)said the Binance in a statement.
The news was announced as part of the celebration of five years of Binance, which will take place in the next two weeks. The crypto exchange added that users will be able to enjoy the zero fee on the aforementioned pairs until further notice.
O CEO gives Binance, Changpeng Zhaosaid the initiative is in line with the company’s “user-first philosophy”, before adding that “Binance always sought to offer the most competitive rates in the industry”.
Trading fees have become a subject of discussion in the industry as exchanges struggle to stay one step ahead of the predicted “crypto winter”.
Binance’s American arm also zeros fees
Wednesday’s announcement was made two weeks after the american arm of Binance – Binance.US – have zeroed the fees for trading on the bitcoin on selected pairs, being the first crypto exchange in the United States to do so.
In addition to Binance.US, Coinbase (COIN) started merging the tools of its Coinbase Pro platform with the company’s main website, maintaining the fees offered on the platform for advanced trading.
In a note on Coinbase issued on June 27, the bank Goldman Sachs (GS) said that “we are not particularly concerned about Binance.US’ recent announcement regarding the reduction of fees on bitcoin pairs, due to the relative size of the Binance compared to COIN (representing only 13% of Coinbase volumes in May).”
Given the global importance of Binance compared to the American branch, it is possible that the announcement made today will impact the competitors of the largest crypto exchange in the world.
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Source: Moneytimes
I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.
