- Binance.US removed all fees when trading bitcoin on 4 spot markets: USD, USDT, USDC, and BUSD.
- People compared Binance.US to Coinbase, to which Changpeng Zhao responded.
- Most cryptocurrency exchanges rely on trading fees for revenue.
Binance.US grabbed the spotlight within the US crypto community after the exchange removed all fees when trading bitcoin. This applies to all users, whether new or old.
According to an announcement, the zero bitcoin fee will apply on four spot market pairs, namely BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD.
People were quick to praise Binance.US, which radiates to the mother company Binance. However, some compared Binance.US to Coinbase, making it appear the two exchanges are pitted against each other.
Changpeng Zhao, CEO of Binance, rebuked the thought.
CZ’s remark came after some media made it appear that Coinbase’s stock plunge is a result of the above news. In detail, Coinbase (COIN) has plummeted by 9.7%. Meanwhile, Robinhood, the app that first introduced zero trading fees, saw a slight decline of almost 1%.
However, Binance.US’ move may be due to the bleeding crypto market. It is no secret that crypto exchanges rely heavily on trading fees for revenue. Yesterday, the 24-hour trading volume of the entire crypto market was at $78 billion, with Bitcoin accounting for one-third of the said amount.
By and large, the crypto market’s combined capitalization remains less than $1 trillion, a far cry from its highest of $3 trillion. Bitcoin also has a market cap of less than $400 billion, according to CoinGecko.
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