Binance.US Removes Trading Fees for ETH
- Binance’s U.S. arm has expanded its zero-fee program to spot trading for four ETH trading pairs, including ETH/USD, ETH/USDT, ETH/USDC, and ETH/BUSD.
- Auditing firm Mazars has also confirmed that Binance had control over 575,742.42 BTC, making its reserves 101% collateralized.
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The U.S. arm of popular crypto exchange Binance has expanded its zero-fee program to include spot trading for Ether (ETH) for all of its customers, the company said in a blog post on 7 December.
According to the announcement, new and existing users of Binance.US will no longer pay trading fees for four ETH trading pairs, including ETH/USD, ETH/USDT, ETH/USDC, and ETH/BUSD. The zero-fee trading model was first launched back in June, when the exchange eliminated its Bitcoin (BTC) trading fees in an effort to attract more customers to its platform. The CEO and president of Binance.US, Brian Shroder, said in a statement:
“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.”
The company will also offer additional trading fee discounts on all other trades, when the fee is payed with BNB tokens, as well as simplify its fee schedule starting January 2023. Customers who maintain a higher 30-day trading volumes will be able to qualify for even greater fee discounts.
On the same day, financial audit form Mazars published a document that confirmed Binance’s customer BTC reserves were 101% overcollateralized. The scope of Mazars’ investigation included customers’ spot, options, futures, margin, loan, funding, and earn accounts for BTC and wrapped BTC (wBTC) that were held on the Bitcoin, Ethereum, BNB Chain, and Binance Smart Chain networks.
- Users of Binance NFT can now use select blue-chip NFT collections as collateral to take out cryptocurrency loans.
- The platform will initially support only loans in ETH, and NFT collections Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, and Doodles.
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- Initially launched in the U.S., U.K., Germany, and Ireland, Coinbase One offers its subscribers zero-fee trading, improved staking rewards, 24/7 customer support, and more.
- The $29.99 per month service also offers additional benefits through Coinbase’s partnerships, and will be rolled out to 31 additional countries in the coming months.
- The crypto exchange blamed the issue on a decision made by its third party payments provider in Australia, noting that it is now looking for a new partner in the country.
- Binance Australia assured users that AUD withdrawals are still available, and that they can continue to buy and sell crypto using debit/credit cards and its P2P marketplace.