On June 22, Binance.US, the US branch of the world’s largest cryptocurrency exchange Binance, announced that it will no longer charge fees for buying or selling Bitcoin in US dollars. It means that all current users of Binance.US will not need to pay fees when trading BTC/USD, BTC/USDT, BTC/USDC and BTC/BUSD pairs.
BinanceUS CEO Brian Shroder said in a company statement, the change is “an opportunity to revolutionize the way fees are approached in our industry, increase accessibility to crypto, and help our market and customers in a time of need”.
Both Binance and Binance.US are currently adopting a fee model for both buyers and sellers depending on the volume of transactions. The exchange admits that offering zero-fee Bitcoin trading will affect its revenue, but it still expects to add more tokens to its free trading category as the crypto markets continue to face many difficulties.
In April 2022, Binance.US raised $200 million in a seed round that valued it at $4.5 billion. Today, CoinDesk confirmed that the exchange is planning to raise another 50 million USD.
Crypto exchanges are in turmoil when many big names decided to lay off their employees, such as Coinbase, Gemini, Bybit and Crypto.com. However, Binance and FTX are two platforms that have been confirmed to be unaffected amid the market crash, and even have plans to expand their scale and recruit staff in the near future.
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