Episode 106 of Season 4 of The Scoop was recorded live with The Block's Frank Chaparro and Binance.US President & CEO Brian Shroder.
Earlier this year, Binance.US became the first U.S.-based exchange to cut bitcoin trading fees to zero.
Since the announcement, Binance.US has consistently ranked in the top three of North America-based exchanges by volume, according to data from The Block.
In this episode of The Scoop, Binance.US CEO Brian Shroder examines how Binance.US is attempting to distinguish itself from the competition, including the impact cutting bitcoin trading fees had on bringing in new business.
According to Shroder, the decision to cut bitcoin trading fees revolved around wanting to make the bitcoin purchasing experience as consumer friendly as possible:
“Our goal was to be able to say very concretely that if you buy bitcoin on any other exchange, you are paying substantially more — without question.”
In addition to appealing to retail investors, cutting bitcoin trading fees also brought in a record amount of new institutional business. As Shroder explains,
“Being able to go to institutions and almost literally have a pitch which is: ‘You have a fiduciary responsibility to your investor-base to use Binance.US because it is free … ’ After the announcement, we had our best month ever in terms of institutional signups.”
During this episode, Chaparro and Shroder also discuss:
- Why a clear regulatory framework in the U.S. will be good for crypto;
- How Binance.US is expanding its product line;
- Treasury management during the bear market.
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