Binance US Offers Zero Trading Fees for Bitcoin Spot Pairs
Binance US announced a new pricing model that offers zero fees for four bitcoin trading pairs, including BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD. The crypto giant becomes the first American exchange that makes such a service available to its users.
Binance US CEO brian Shroder is to revolutionize how the industry approaches trading costs and increase accessibility to cryptocurrencies.
Update of this news Coinbase and Robinhood dropped approx 10% and 1%. Their stock prices have been down over 85% and 90% from ATHs.
Binance US prominent competitors both exchanges have announced headcount cuts recently, with Coinbase laying off 18% of their staff and Robinhood trimming their workforce by 9%
Binance US announcement comes at a time when the trading volume on exchanges has slid immensely amid a broader market slowdown. The company reportedly said no better time to introduce zero fees than now as the industry struggles to find its way out of the overall bearishness.
Cutting fees for trading Bitcoin against USD pegged Stablecoin means deducting a part of the company's major revenue stream.
The binance US added: The US-based giant outlined the new measure as a test for such a zero-fee model commenting that, if received positively by users the company would roll out similar policies for other assets and pairs in the future. the lost revenue is relatively slim and would not greatly impact the company as it has over 100 other listed tokens that require trading fees
After raising $200 million from a mix of VCs and crypto-native firms in April the exchange reached a valuation of $4.5 billion.
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