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. He noted that 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 it does not earn any money on the no-fee transactions. This is unlike firms like Robinhood (HOOD), which offer commission-free crypto trades but earn 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 companies.
- The move comes nearly two months after the firm raised about $200 million in a seed round that valued it at $4.5 billion.
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