Binance to Modify Zero-Fee Bitcoin Trading, Market Impact Expected
Summary:
Binance cryptocurrency exchange plans to modify its zero-fee Bitcoin trading program, potentially impacting the market. Traders will now face regular taker fees based on their VIP level, while still enjoying no maker fees for BTC/TUSD trades. This change may lead to selloffs and affect Tether (USDT) trading volumes. Binance is also shifting focus to the FDUSD stablecoin, diverting attention from TUSD.
Binance, a popular cryptocurrency exchange, has announced plans to modify its zero-fee Bitcoin trading program, potentially leading to a market downturn. Beginning on September 7th, Binance will be implementing updates to the zero-fee Bitcoin trading for the BTC/True USD (TUSD) spot and margin trading pair. Previously, traders enjoyed zero maker and taker fees when trading BTC with TUSD pairs, but now a regular taker fee will be introduced based on the user's VIP level. However, users will still not encounter any maker fees when engaging in Bitcoin trades on the BTC/TUSD spot and margin trading pair. Binance's adjustment of its zero-fee Bitcoin trading scheme for the BTC/TUSD pair may inadvertently trigger another round of selloffs in the market, affecting the trading volumes of Tether (USDT) pairs. The exchange is also shifting attention away from TUSD to the lesser-known FDUSD stablecoin, which doesn't rank in the top 10 Bitcoin pairs by trading volume.
Published At
8/24/2023 1:59:02 PM
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