MultiversX Tracker is Live!

Binance’s zero-fee Bitcoin update could echo March market downturn

The Cointelegraph ​

Cryptocoins News / The Cointelegraph ​ 34 Views

In an official statement, cryptocurrency exchange Binance unveiled its plans to implement updates to its zero-fee Bitcoin trading starting Sept. 7.

On Aug. 24, Cryptocurrency exchange Binance announced its intention to modify its zero-fee Bitcoin (BTC) trading program starting Sept. 7. The action has the potential to initiate a significant market downturn, reminiscent of the 90% trading volume decline observed following Binance’s discontinuation of zero-fee trading in March.

In an official statement, Binance said it intends to modify zero-fee Bitcoin trading for the BTC/TUSD spot and margin trading pair.

Previously, traders experienced zero maker and taker fees while engaging in BTC trading with TUSD pairs. However, a regular taker fee will now be implemented based on the user’s VIP level. Nonetheless, users will still encounter no maker fees when conducting Bitcoin trades on the BTC/TUSD spot and margin trading pair.

“The corresponding trading volume on the BTC/TUSD spot and margin trading pair will count toward VIP tier calculation and all Liquidity Provider programs. In addition, BNB discounts, referral rebates, and any other fee adjustments will resume for BTC/TUSD spot and margin trading volumes.”

The program's discontinuation may indicate a decreased backing for the TrueUSD (TUSD) stablecoin due to various concerns. Importantly, users will still retain the privilege of zero maker and taker fees while engaging in Bitcoin trading within the First Digital USD (FDUSD) spot and margin trading pair.

The adjustment could inadvertently incite another round of selloffs in the market.

Related: Binance dubs barred Russian banks on its platform as ‘Yellow’ and ‘Green’ cards

According to CoinMarketCap, the BTC/TUSD and BTC/USDT pairs are the most frequently traded for Bitcoin, constituting 11% and 7%, respectively. The trading volume in Tether (USDT) pairs experienced a significant drop after Binance stopped supporting Binance USD (BUSD) and designated TUSD as the sole trading pair for zero-fee Bitcoin trading.

Yet again, the exchange is redirecting attention away from the widely traded TUSD to the lesser-known FDUSD stablecoin. Notably, FDUSD doesn’t rank within the top 10 Bitcoin pairs by trading volume, with the market capitalization of FDUSD standing at $324 million.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

Magazine: Deposit risk: What do crypto exchanges really do with your money?


Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.



Comments