Binance.US, the American arm of the largest exchange in the world, yesterday announced that it will eliminate fees for trading Ethereum on the platform.
To attract new users, zero-trading service will be offered immediately for 4 spot market pairs ETH/USD, ETH/USDT, ETH/USDC, and ETH/BUSD. Binance. US also plans to simplify its fee system starting January 2023, bridging its three tiers down to two. Tier 0 will be inclusive of all the assets which fall under the zero-fee trading service like Ethereum and Bitcoin. Meanwhile, Tier 1 will bear some fees except for market makers, where the monthly trading volume exceeds $300 million.
“By eliminating fees first on BTC and now ETH, we are raising awareness for the high fees consumers are paying on other platforms, and helping to restore trust in the greater ecosystem”, said Brian Shroder, CEO of Binance.US.
Founded in September 2019, Binance.US is one of the major crypto exchanges in terms of fiat trading volume. In April, Binance.US raised $200 million in its seed round at a pre-money valuation of $4.5 billion.
The elimination of trading fees for Bitcoin has contributed to an increase in transaction volume. According to The Block, Binance.US had a fiat trading volume of over $10 billion in November. When asked if the zero-fee program would be expanded to other cryptocurrencies, Binance.US said they are always researching and exploring opportunities to bring more value to our users, in line with the commitment to take customers as the center of development”.
Binance.US currently serves 46 US states and works closely with regulators, moving towards offering services across all 50 states and territories. In July, Binance also offered zero-fees for some Bitcoin spot trading pairs, celebrating its 5th birthday.
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