Binance will remove bitcoin trading fees from its global platform in celebration of its fifth anniversary.
The move by the world’s largest cryptocurrency exchange comes on the heels of a similar strategy implemented by its US subsidiary, Binance.US. Late last month, the US firm reduced fees for spot bitcoin trading as it sought to increase its presence in the country and fire up competition. US rival Coinbase’s stock fell after the feature was announced.
Binance’s move covers more land than its US counterpart. Beginning July 8, 2022, users will be able to trade spot BTC in 13 pairs without any fees, the global exchange said in a press release on Wednesday, which includes the euro and the British pound as well as the two currencies. The most popular stablecoins in the market: Tether’s USDT and Circle’s USDC. Traders can only benefit from fee reduction with US Dollars on Binance.US.
“In line with our user-first philosophy, Binance has always strived to provide the most competitive fees in the industry,” Binance founder and CEO Changpeng Zhao said in a statement. “At its core, Binance is an inclusive platform with accessibility. Eliminating trading fees on selected BTC spot trading pairs is another step in that direction.”
Other fiat currencies that will be covered under the new duty-free rule include the Brazilian real, Australian dollar, Russian ruble and Turkish lira. The feature will be live “until further notice,” Binance said.
Despite providing a convenient bitcoin on-ramp, centralized exchanges can become a security hole if taken advantage of by users as custody providers. Those interested in mitigating risk can reduce the risk to third parties by securing their own bitcoins – which, despite the learning curve, could prove beneficial in the long run.