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Binance US may have established itself as an industry leader when it comes to low fees in crypto.
Binance US has officially extended its “zero fee” policy to Ethereum (ETH). According to the official announcement, the policy will take immediate effect, meaning that users may now trade four ETH spot market pairs without incurring any transaction fees. The four pairs are ETH/USD, ETH/USDC, ETH/USDT, and ETH/BUSD.
Additionally, the announcement made by Binance US reveals that, henceforth, there’ll be no gas fees on all Ethereum-based transactions done via its website’s “Buy & Sell” feature as well.
Meanwhile, the move by Binance US follows a similar move it started in June. At the time, the exchange removed all trading fees for four Bitcoin (BTC) spot market pairs. They were: BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD. However, Binance did not exactly pioneer zero-fees crypto trading. It was started by Robinhood, as far back as 2018.
It might be worth noting, however, that Binance US operates separately from the global Binance exchange. Its products and services are usually restricted to American crypto traders.
Binance US Aims to Aid Crypto Adoption
For all intents and purposes, the decision of the US-based exchange to eliminate fees may not be farfetched. According to the Binance US CEO Brian Shroder, the decisions thus far may have established the firm as an industry leader when it comes to low fees in crypto. But he also added that platforms like theirs must now operate in a way that will prioritize users’ interests.
Undoubtedly, exchanges have a huge role to play in crypto adoption. Moreso, decisions such as facilitating zero-fee transfers will undoubtedly influence users to transact more with digital assets. Thus leading to the massive use and adoption of crypto and the technology behind it.
Meanwhile, an interesting aspect of the “zero fee” policy is that exchanges still have a way to earn. Despite not charging for transactions, they will be able to earn from spreads. That is the difference between the ask price and the bid-sell price of a trading pair.