The world’s largest cryptocurrency exchange, Binance, has launched zero-fee trading for 13 bitcoin spot trading pairs to celebrate its 5th anniversary. The new policy will go into effect on July 8 and will last until further notice.
Binance to Remove Trading Fees for BTC Pairs
The zero-fee policy covers mostly stablecoin and fiat trades against bitcoin. They are BTC/AUD, BTC/BIDR, BTC/BRL, BTC/BUSD, BTC/EUR, BTC/GBP, BTC/RUB, BTC/TRY, BTC/TUSD, BTC/UAH, BTC/USDC, BTC/USDP, and BTC/USDT.
According to Binance, users will receive zero maker and taker fees for the above-listed trading pairs. In addition, the pairs will be “excluded from BNB fee discounts, fee rebates or any other form of fee adjustments or fee promotions.”
Commenting on the development, Binance CEO, Changpeng Zhao (CZ) said:
“In line with our user-first philosophy, Binance has always strived to provide the most competitive fees in the industry. At its core, Binance is an inclusive platform with accessibility in mind. Eliminating the trading fees on selected BTC spot trading pairs is another move towards that direction.”
The move is not surprising considering Binance has already hinted it was working to eliminate BTC trading fees as the crypto winter intensifies. Last month, the company’s American affiliate Binance.US removed trading fees for four BTC spot pairs. Brian Shroder, CEO of the US-focused exchange, said the move will help the firm increase adoption and attract new users.
Binance Extends Hiring Despite Bear Market
Binance’s most recent announcement comes at a time when there is a crisis in the crypto market, which has forced many crypto firms into taking drastic steps to cope with unfavorable conditions. For instance, other crypto exchanges, such as Coinbase, Robinhood, and CryptoCom, have significantly reduced their workforce to cut down on spending.
While these exchanges are laying off employees, Binance believes now is the best time to hire and make new acquisitions. The company said it is currently hiring for more than 2,000 job roles.
According to CZ, Binance has a strong reserve to survive the bear market as it did in the previous cycles, adding that the company will rescue troubled crypto firms that are worth saving.
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