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

The largest cryptocurrency exchange in the world's US-based branch, Binance US, has unveiled a new pricing plan that offers $0 costs for four trading pairs of bitcoin, including BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD. The cryptocurrency behemoth becomes the first American exchange to provide its users such a service.

  • According to Brian Shroder, CEO of Binance US, the abolition of such trading fees will transform how the market views trading expenses and broaden access to cryptocurrencies.
  • Following the news, shares of Coinbase and Robinhood fell by over 10% and 1%, respectively. Their stock values have fallen by over 85% and over 90% from their ATHs, respectively.
  • Both Coinbase and Robinhood, two of Binance US's major rivals, recently announced personnel reductions, with Robinhood's staff being reduced by 9% and 18%, respectively.
  • The introduction of Binance US coincides with a sharp decline in exchange trading activity and a general slowdown in the market. As the business battles to emerge from the general bearishness, the corporation reportedly stated that there is "no better moment to launch zero costs than now."
  • A portion of the company's main source of income will be lost by lowering fees for trading Bitcoin versus USD-pegged stablecoins.
  • The US-based corporation described the new measure as a trial run for such a fee-free approach, adding that if consumers responded favorably, the company will implement comparable rules for additional assets and pairs in the future. Since the company has over 100 other listed currencies that require trading fees, the relatively little loss of revenue would not have a significant effect on the business, according to Binance US.
  • The exchange's valuation increased to $4.5 billion in April when it raised $200 million from a variety of VCs and crypto-native companies.

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