Bitcoin
$65,753.84+6.14%
Ethereum
$3,010.84+3.49%
Binance Coin
$583.84+2.35%
Solana
$161.60+12.01%
XRP
$0.51812340+3.46%
Toncoin
$6.79-2.86%
Dogecoin
$0.15634599+7.01%
Cardano
$0.46033120+7.49%
Shiba Inu
$0.00002537+9.81%
Avalanche
$34.71+7.22%
Tron
$0.12463028-0.75%
Wrapped Bitcoin
$65,739.38+6.10%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus Prices Go Up In
00
DAYS
13
HR
44
MIN
38
SEC
Markets

Binance Boosts Bitcoin, Ether Trading in Argentine, Brazilian, South African Currencies With Fee Promotion

The crypto exchanges promotion comes as trading volumes plummet to four-year lows, hurting the exchange’s revenue stream.

By Krisztian Sandor
AccessTimeIconSep 7, 2023 at 4:33 p.m. UTC
Two large stacked blocks displaying Binance's logo at a trade show.
(Danny Nelson/CoinDesk)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Crypto exchange Binance said it will expand its zero-fee trading promotion to the Argentine, Brazilian and South African currency spot trading pairs starting Friday.

Binance users will be able to trade bitcoin (BTC), ether (ETH) and Tether’s USDT stablecoin with the Argentine peso, Brazilian real and South African rand on the spot market without paying any so-called maker fees, according to a Thursday blog post. Makers create orders and wait for them to be filled, while takers remove liquidity by taking available orders.

The exchange’s action comes as Binance faces legal and regulatory challenges in the U.S. and Europe, and crypto trading volumes hit the lowest levels since 2019, hurting revenue streams.

Binance last month shut its crypto payments service Connect to focus on its main products. It has also withdrawn from issuing branded debit cards in Latin America and the Middle East.

Boosting crypto trading with emerging market currencies makes sense for the exchange because developing countries are leading in crypto adoption, a Chainalysis study pointed out last year. Many people in countries with frail financial systems like Argentina are turning to digital assets to store value or hedge against volatility in the local currency.

Binance has also extended zero-fee promotion on trading with off-shore stablecoins TrueUSD (TUSD) and First Digital’s FDUSD earlier this year.

Read more: Why the Biggest Emerging Markets Are Turning to Crypto

Edited by Sheldon Reback.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Krisztian Sandor
Krisztian Sandor

Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

Follow @sndr_krisztian on Twitter

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.