Coinbase and Robinhood Markets shares fell on Wednesday following the announcement that Binance.US will offer zero-fee trading in certain bitcoin pairs.
This comes after Binance.US, the American affiliate of the prominent crypto exchange Binance, announced that it has cut bitcoin trading fees to zero for select pairs. As of today all new and existing customers of Binance.US will pay no fees when trading bitcoin against the US dollar, tether (USDT), USD Coin (USDC) or Binance USD (BUSD).
The announcement comes at a time when crypto exchanges are facing tough economic headwinds amid a broader market downturn. Last week, Coinbase announced it was laying off 18% of staff to prepare for difficult market conditions ahead.
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