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CRYPTO NEWS DESK — 2022-06-23

Binance US Offers Zero Trading Fees for Bitcoin Spot Pairs

Following Binance US's announcement, shares of Coinbase and Robinhood have dropped respectively.

Binance US Offers Zero Trading Fees for Bitcoin Spot Pairs

Binance US - the US-based division of the world's largest crypto exchange - 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. The elimination of such trading fees, according to Binance US's CEO Brian Shroder, is to revolutionize how the industry approaches trading costs and increase accessibility to cryptocurrencies. Following the news, the shares of Coinbase and Robinhood dropped nearly 10% and 1%. Their stock prices have been down, respectively, over 85% and 90% from ATHs. As Binance US's 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's 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 stablecoins means deducting a part of the company's major revenue stream. 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 - relatively slim - would not greatly impact the company as it has over 100 other listed tokens that require trading fees, Binance US added. After raising $200 million from a mix of VCs and crypto-native firms in April, the exchange reached a valuation of $4.5 billion.

— Jay Zhuang of CryptoPotato - Crypto Blog

Keywords: AA News, BTCEUR, BTCGBP, BTCUSD, BTCUSDT, Crypto News, Social, Binance, Bitcoin, Coinbase, Robinhood


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