Crypto exchange Binance.US will stop taking fees on trades involving the world’s most popular cryptocurrency Bitcoin. The zero-fee policy will apply to four spot market pairs: BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD.
According to Binance.US, the decision was made to offer existing and new users “an even better experience and more value.”
“We see this as an opportunity to revolutionize the way fees are approached in our industry, increase accessibility to crypto, and better support our market and customers in a time of need,” Binance.US CEO Brian Shroder.
Binance.US, which is an affiliate of the world’s largest crypto exchange Binance, noted that the zero-fee policy would be extended for some other coins in the future. It also reiterated that it wouldn’t make money on no-fee transactions, unlike some rivals that offer similar deals.
This decision will most likely have a huge impact on other crypto exchanges doing business in the United States. They will now also have to take the same route or at least lower their fees to retain customers.
Coinbase, the largest cryptocurrency exchange in the United States by daily volume, is already feeling the consequences of Binance.US’ zero-fee policy. Since it was announced, Coinbase stock took a 6.63 drop to $53.59 per share.