Global crypto exchange Binance announced on Wednesday that it will remove bitcoin trading fees for thirteen stablecoin and fiat combinations
From July 8 onwards users of the platform will be able to trade these thirteen combinations with zero fees, including — BTC/USDT, BTC/BUSD, BTC/USDC, BTC/EUR, BTC/TRY — the exchange said.
The announcement comes as part of its fifth anniversary celebrations, which will take place over the next two weeks. It went on to say that users will be able to trade the pairs fee-free until further notice.
CEO Changpeng Zhao said the move is in line with the company’s “user-first philosophy,” before adding that “Binance has always strived to provide the most competitive fees in the industry.”
Trading fees have become a talking point across the industry as exchanges jostle for position ahead of a forecasted ‘crypto winter.’ In addition to Binance.US dropping fees Coinbase has begun to merge its Coinbase Pro features onto its main site, while maintaining the same fees offered on the Pro platform.
Wednesday's announcement comes just two weeks after its American affiliate Binance.US cut bitcoin trading fees to zero for select pairs, becoming the first US exchange to do so in the process.
In a research note on Coinbase from June 27 Goldman Sachs said, “we are not particularly concerned about the recent announcement by Binance.US to reduce fees on bitcoin pairs on its exchange given Binance.US’s size relative to COIN (only 13% of COIN’s volumes in May).”
Given the prominence of Binance globally, compared to its budding US affiliate, today's announcement could impact its competitors.
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