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.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.