The exchange plans to eliminate the charges for more tokens in the future.Read MoreFeedzy
Binance.US will offer zero-fee bitcoin (BTC) trading on its platform as the company seeks to attract more users, the firm said on Wednesday.
“Since inception, we have been known for our really low fees,” Binance.US CEO Brian Shroder said in an interview with Bloomberg. Zero-fee trading is “something that we want to do because we can. This will generate positive user sentiment that will bring us new users.”
The American affiliate of Binance, the largest crypto exchange by trading volume, Binance.US said is does not earn any money on the no-fee transactions. This is unlike firms like Robinhood (HOOD), which offer commission-free crypto trades but earns money by receiving rebates from routing traders’ orders to different exchanges.
Binance.US expects to add more tokens to its free trading category as the crypto markets continue to struggle against the backdrop of poor global macro cues and the fall of some major coins and firms.
The move comes nearly two months after the firm raised about $200 million in a seed round that valued the company at $4.5 billion.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
