- Binance.US now offers zero-fee trading on four spot market pairings for BTC.
- Customers will still pay a 0.5% fee when using the “Buy Crypto” function.
- Binance cited rising fears of recession as its reason for lessening fees on its platform.
Binance.US, the American arm of one of the world’s largest cryptocurrency exchanges, is now offering zero-fee trading with spot bitcoin pairs, according to a press release sent to Bitcoin Magazine.
Binance customers will be able to trade four spot market pairs: BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD for 0% fees. Also, users are able to convert from one cryptocurrency to another without fees, as well as use the over-the-counter (OTC) portal without fees. However, users of the platform will still pay a 0.5% fee when using the Buy Crypto function.
“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 pair trades for all users,” said Brian Shroder, CEO of Binance.US.
“We see this as 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,” Shroder continued.
On Binance’s breakdown of the fee structure, the company relayed the driving force behind its decision to eliminate many of its fees. “As recession fears mount and inflation costs increase, we believe in offering greater cost savings on Bitcoin and value to everyone in the crypto ecosystem.”
The adjustment to Binance’s fee structure comes after a $200 million funding round –led by Fundamental Labs – which took place this past April. At that time, Shroder stated that “The fundraising enables us to accelerate our expansion, add new product offerings and begin to market for the first time.”