The United States arm of leading digital assets service provider Binance has now eliminated trading fees for Ethereum (ETH).
Interestingly, this is an expansion of its ‘zero fees’ program which started with Bitcoin (BTC) pairs at the end of the first half of the year. Based on the announcement, Ether customers can now freely trade four Ether spot market pairs namely ETH/USD, ETH/USDT, ETH/USDC, and ETH/BUSD.
As per a published statement, Binance U.S. “today announced that it has expanded its zero fee pricing model to now include Ethereum (ETH), effective immediately. All new and existing users can enjoy free trading on the following four spot market pairs: ETH/USD, ETH/USDT, ETH/USDC, and ETH/BUSD.”
In addition to the expansion of its zero-fee pricing model, the crypto exchange has removed execution fees on all ETH transactions as far as they are made through its Buy & Sell crypto offering. Also, a trading fee discount will be given to all customers who make payments using the BNB token.
Binance Promote Crypto ‘Low Fee’
Brian Shroder, the Chief Executive Officer and President of Binance.US said;
“By eliminating fees first on BTC and now ETH, we are further cementing our position as the low fee leader in crypto, raising awareness for the high fees consumers are paying on other platforms, and helping to restore trust in the greater ecosystem. Now, more than ever, it is critical that platforms operate with users’ interests first.”
In June, Binance U.S. announced it was going to charge zero fees for four Bitcoin trading pairs: BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD.
At that time, Binance was the only exchange in that region that was engaged in such practice, but it was rather for a short time. Barely a month later, MoonXBT, a crypto trading platform located in the Cayman Islands conceived the same idea.
MoonXBT implemented a zero-fee policy on its multiple trading pairs.
So far, Binance seems to have had a good year, from receiving several licences in different jurisdictions to the launch of different industry funds. In the year, Binance rolled out a $500 million fund to support crypto miners. In the wake of the FTX liquidity crunch, the leading exchange also launched a recovery fund which is currently at $2 billion.