The Binance exchange is putting up a fierce competition amid the ongoing bear market. The CEO of Binance US, Brian Shroder, has said that the platform will start offering zero trading fees for Bitcoin trades. The exchange also plans to add more cryptocurrencies to the zero-fee option.
Binance US removes Bitcoin trading fees
By removing trading fees on Bitcoin transactions, Binance US will follow the actions of other trading platforms such as Robinhood, which started offering zero-commission on crypto trading activities in 2018.
According to Shroder, removing trading fees would make the company the first crypto exchange in the US that has eradicated trading fees for all users despite their trading volumes. The executive noted that the exchange was committed to expanding such services to its clients.
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“We hope our pricing model sees broader industry adoption over time, because that would have a positive impact on the ecosystem and market participants overall. We are happy to lead the race to zero-fees everywhere,” Shroder added.
Binance US is using this as a strategy to transform the way fees are adopted in the crypto industry. The move will ensure that crypto is easily accessible. The development also comes at a time when the market is facing an ongoing recession that has affected the profits of most traders.
In an interview with Bloomberg, Shroder said Binance US would earn revenues from its new staking service. Binance US hopes to expand its user base with the new service available in BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD.
Coinbase exchange is under pressure
The ongoing bear market has put pressure on several crypto-based companies, and exchanges such as Gemini, CryptoCom, and Coinbase have said that they will be laying off staff because of the current market conditions.
The recent move by Binance US will increase competition for Coinbase in the US markets. The exchange’s shares have declined by 9.71%, dropping to around $51 per share. Robinhood, another listed exchange in the US, is also facing a slight dump in its share prices.
The Coinbase exchange charges trading fees of between 0% and 0.50%. The exchange has some of the largest fees in the sector. Coinbase shares started to plummet during the first quarter of this year after the company reported a net loss of $430 million. The number of users on the exchange has also dropped.
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