The Binance whitepaper had initially stated that the exchange would after two years halve the 25% discount that it offers to traders who choose to pay for trading fees using the platform’s native token, BNB.
However, Binance would no longer make that alteration, which would have seen the discount reduced to 12.5%. Instead, they have opted to extend the current discount until 13th July 2020.
In simpler words, Binance would still offer the 25% discount for trading fees paid in BNB for one more year, after which the exchange can decide on whether to continue or slash the rates.
Meanwhile, the latest update no doubt represents another effort by Binance to incentive traders ahead of the upcoming launch of its crypto futures platform announced last week by CEO, Changpeng Zhao.
While Binance continues to grow strong since its launch in 2017, the exchange was recently accused of being an Ethereum Killer.
According to an op-ed article posted on crypto news site CCN, the author(s) alleged that Binance is using smart moves to stunt the growth of Ether, the world’s largest altcoin by market cap by delisting some existing ETH trading pairs and not adding ETH trading pair for new tokens on its exchange.
The article also claimed that Binance goes through the back door to promise Ethereum-based projects incentives such as auto-listing on its exchange if they adopt the Binance Blockchain, hence the surge in the value of BNB.
Binance’s CEO, however, quickly refuted the claims by the authors of the article via a tweet, stating that they were so many wrong facts contained in the report.
Binance Coin (BNB) Outlook – Bearish
At the time of writing, BNB is yet to respond to the news of the extended trading fee discount as the coin is currently charting a 1.23% loss against the USD and a 5.72% against BTC. BNB is exchanging hands at $33.099 per coin.