The biggest crypto exchange in the world, Binance, is all set to rule the world with the new developments. Its United States division, Binance US, recently announced a new pricing model for its users. According to the announcement, it will charge zero fees for four Bitcoin trading pairs: BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD.
Binance US becomes the first exchange to do so
With the move, Binance US becomes the first exchange in the region that makes such a service available to its customers. According to the CEO of the division, Brian Shroder, the removal of any trading fees is to revolutionize how the people look at trading costs, accelerate digital assets adoption, and better support the market and users in a time of need.
Shroder said Binance US aims to “empower everyone to do more with their money, and this brings us one step closer in that journey.”
Interestingly, the recent announcement resulted in a downfall in share prices of Coinbase and Robinhood. The former lost 10% of its value while the latter lost over 1%.
Binance founder Changpeng Zhao, who recently said that he only uses crypto to transact, is continuously working with its team to strengthen his expansion plans. While several big crypto exchanges like Coinbase are laying off a major portion of their workforce due to extreme market uncertainty, Binance is determined to hire more people to take advantage of the bear market.
The announcement comes after Binance.US raised $200 million in a seed round earlier this year, the fund that was partly utilized to keep creating innovative products and services. In order to bring easability for users to manage their earned staking incentives, the firm has unveiled a new staking product that includes an innovative “auto-restake” functionality. While earning some of the greatest yields among US crypto companies, Binance US users can stake various cryptocurrencies.
