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Tuesday, January 31, 2023

Binance US Removes Trading Fees

The business said Tuesday that Binance US is eliminating trading costs for ether (ETH), expanding its zero-free offering beyond just bitcoin (BTC).

The following spot market pairs will be eligible for free trading: ETH/USD, ETH/USDT, ETH/USDC, and ETH/BUSD. Customers that pay their trading fees with BNB tokens will receive further trading charge savings, according to the exchange.

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In an effort to draw in more users, the exchange, which is a division of the biggest cryptocurrency exchange by volume, eliminated bitcoin trading fees in June. At the time, it promised that it will later do the same with other tokens.

Binance US Eliminates Fees For Trading

In a news statement, Brian Shroder, CEO and president of Binance US, said: “By eliminating fees first on BTC and now ETH, we are… increasing awareness for the excessive fees users are paying on other platforms, and helping to rebuild trust in the wider ecosystem.”

After the FTX crash and amid skepticism in the cryptocurrency industry, JPMorgan predicted last month that centralized exchanges will continue to control the majority of digital asset trading volumes.

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This week, Binance.US also made a launch announcement for American Samoa and Guam, two new American territories. Additionally, it obtained its Money Transmitter Licenses (MTL) in Louisiana, bringing the total number of secured MLTs in the United States to 43. Although it runs independently in the US, Binance US uses the same name and logo as the main Binance cryptocurrency exchange. Binance US, as its name suggests, primarily serves American cryptocurrency traders.

Eliminating fees on both BTC and ETH, in the words of Brian Shroder, president and CEO of Binance US, “cements the company’s position as the low-fee leader in crypto.” He continued, “It is vital that platforms act with users’ interests first now more than ever.”

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