Binance will cut bitcoin (BTC) trading fees to zero worldwide as of July 8, stepping up competition with its rival cryptocurrency exchanges.
- Trading fees are being eliminated across 13 stablecoin and fiat combinations including BTC/USDT, BTC/USDC and BTC/BUSD, Binance announced Wednesday.
- The cut in fees is an extension of a program the largest cryptocurrency exchange by volume introduced in the U.S. last month.
- Zero-fee trading will take effect July 8 to coincide with the exchange's five-year anniversary this month. It will remain in place until further notice.
- The move across the global Binance business follows two weeks after Binance.US removed trading fees on bitcoin spot pairs.
- With the onset of the crypto bear market, exchanges like Binance have been seeking ways of attracting and retaining users on their platforms to ensure their slice of the depleted pie remains healthy.
- Shares of Binance's publicly traded rival Coinbase (COIN) fell 9.7% June 22, the day Binance.US announced free trading. Shares are down 5.8% so far today while the Nasdaq 100 index has lost less than 0.2%.
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.