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Binance.US, the American arm of the world’s largest crypto exchange by volume, is sweetening its deal for U.S.-based users. The exchange has just removed trading fees for Bitcoin (BTC) spot market trades.
“As an established leader on low fee trading, we are excited to be the first US crypto exchange to eliminate spot trading fees on numerous Bitcoin pairs for all users,“ Binance.US CEO Brian Shroder said. “We see this as an opportunity to revolutionize the way fees are approached in our industry, increase accessibility to crypto, and better support our market and customers in a time of need.“
Under the new pricing model, Binance.US has removed fees on four spot market pairs. These are BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD. “While Binance.US already offers some of the lowest fees in the industry, the company is changing its fee structure to provide customers with an even better experience and more value,” the company added.
The CEO also hinted that the crypto exchange could introduce a new pricing model soon. “Crypto is at a pivotal moment and we are never done working for our community,” Shroder tweeted on Wednesday. “Staking and 0-fee $BTC trading is just the beginning of what we have in store for you. We designed an innovative tiered pricing model, which will go into effect this summer.”
With the move, Binance.US becomes the first major platform to offer zero-fee Bitcoin trades. “We hope our pricing model sees broader industry adoption over time, because that would have a positive impact on the ecosystem and market participants overall,” Shroder added. “We are happy to lead the race to zero-fees everywhere. See you on @BinanceUS.”
The company’s move is putting pressure on its competitors to offer the same. Coinbase’s trading fees range between 0 percent and 0.50 percent, Kraken’s charges between 0 and 0.26 percent while FTX.US’s fees range between 0 and 0.20 percent. On Wednesday, Coinbase shares fell by 9.71 percent to $51.91 per share after Binance.US announced its new pricing model, according to Cointelegraph.
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