The American division of the cryptocurrency exchange Binance has abolished fees for trading bitcoin from June 22.
As Binance.US CEO Brian Shroder emphasized, the site became the first spot cryptocurrency exchange in the United States to mark Bitcoin trading fees for all users, regardless of trading volume. In addition, the exchange is not going to make a profit in the form of a spread when buying or selling an asset.
3/ We hope our pricing model sees broader industry adoption over time, because that would have a positive impact on the ecosystem and market participants overall. We are happy to lead the race to zero-fees everywhere.
See you on @BinanceUS
— Brian Shroder (@BrianShroder) June 22, 2022
“We see this move as an opportunity to revolutionize the way we approach commissions in our industry. This will increase the availability of cryptocurrencies, increase support for the market and our customers in difficult times for the industry. We hope that our commission model will find support from others in the industry. It should have a positive impact on the ecosystem and help market participants. We are delighted to be the first on this journey towards completely abolishing fees,” Schroeder wrote.
Note that on the Coinbase platform, commissions for trading BTC range from 0% to 0.5%, the Kraken exchange takes from 0% to 0.26%, and on the FTX.US platform, commissions range from 0% to 0.2%.
Schroeder also said that the company is developing levels for users. At one of the levels, commissions for all operations on certain assets will be canceled. On others, commissions will be determined depending on the trading pair.
Earlier, the Binance exchange announced a temporary suspension of operations on the Ethereum network on June 27, while maintenance work was carried out.
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