Binance.US CEO is driving a pricing war among crypto exchanges

Episode 106 of Season 4 of The Scoop was recorded live with The Block's Frank Chaparro and Binance.US President & CEO Brian Shroder.

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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.

This episode is brought to you by our sponsor Tron, Ledn

About Tron
TRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized web3 services boasting over 100 million monthly active users. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. | TRONDAO | Twitter | Discord |

About Ledn
Ledn was founded on the unshakeable conviction that digital assets have the power to democratize access to the global economy. We help you to experience the real life benefits of your Bitcoin without having to sell it. Start a savings account, take out a loan, or double your Bitcoin. For more information visit Ledn.io


© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Authors

Davis Quinton is the Director of Podcasts at The Block and runs our flagship podcast called The Scoop, hosted by Frank Chaparro. Since joining The Block as an 'intern' in early 2022, he has worked closely with leaders across departments to translate The Block's written content into engaging multimedia formats. He holds a degree in Social Research & Public Policy from New York University in Abu Dhabi and is based in Sydney, Australia.
Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].

Editor

To contact the editor of this story:
Walden Siew at
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