Utoday: Binance has moved to remove fees for slew of Bitcoin spot trading pairs
Binance, the world's largest cryptocurrency exchange by reported trading volumes, has removed fees for a wide range of Bitcoin spot pairs on the occasion of its fifth anniversary, according to an announcement posted this Wednesday.
Users will be able to trade Bitcoin against Tether (USDC), Binance USD (BUSD), Circle's USD Coin (USDC) as well as the euro, the Turkish lira and other fiat currencies.
Binance claims that users will be able to enjoy zero-fee trading "until further notice." It will become available starting from July 8.
In his statement, Binance CEO Changpeng Zhao said that his exchange had always strived to offer the most compelling fees within the industry. By introducing zero-fee trading for a bunch of Bitcoin pairs, the company wants to give back to the community, CZ says.
No-fee trading has arrived
The announcement comes after Binance.US, the American affiliate of the exchange, introduced zero-fee trading for Bitcoin last month to attract more users. This was perceived as a shot across the bow for rival Coinbase, which eats off of high fees paid by retail customers.
Robinhood, a financial services company, has pioneered zero-fee trading, making such giants as Charles Schwab eliminate commissions on stocks.
While the popular trading app does not charge its users any fees, it earns money with the help of market makers who pay the company rebates for routing orders to exchanges. Since Binance.US does not participate in payment for order flow, it does not earn any revenue from processing no-fee transactions.
With such moves, Binance could inspire other exchanges to reduce at least some trading emoluments to zero.