Binance.US (CRYPTO: BNB) announced Bitcoin (CRYPTO: BTC) trading on multiple pairs will have no trading fees.
What Happened: On June 22, Binance.US CEO Brian Shroder announced the U.S. crytocurrency exchange will no longer be charging trading fees for Bitcoin traded in Tether (CRYPTO: USDT), Binance USD (CRYPTO: BUSD) and USD Coin (CRYPTO: USDC).
This establishes Binance.US as the first American exchange to get rid of trading fees for multiple Bitcoin trading pairs. As revealed by Decrypt, Shroder deemed this to be "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."
Why It's Important: This endeavor seeks to ignite optimistic user sentiment as well as attract new users. Globally, competing exchanges such as Robinhood Markets Inc (NASDAQ:HOOD) and Coinbase Global Inc (NASDAQ:COIN) charge trading fees. Therefore, Binance.US’s announcement sets it apart from its competitors.
In the past month, Binance has also leaped ahead of competing exchanges by offering 2,000 new positions, while similar firms such as Gemini and Coinbase have announced major hiring cuts.
These business decisions indicate a strong reserve of capital, which Binance CEO Changpeng Zhao attributed to turning down making Super Bowl 2022 advertisement deals. As turbulent market conditions continue in the crypto market, Binance.US’s latest move secures its long-term customer traction and interest.
See Also: Crypto Firms Scale Down Spending On Sports Marketing, Amidst Recent Market Crash
Photo: Pozdeyev Vitaly via Shutterstock
