Cryptocurrency exchange Binance announced its intention to change its zero-fee bitcoin trading program on August 24. The move could trigger a significant market downturn, reminiscent of the 90% drop in trading volume observed after Binance stopped zero-fee trading. march.
Officially statement, cryptocurrency exchange Binance has announced plans to implement a zero-fee bitcoin trading update starting September 7. Binance plans to change Bitcoin (BTC)/True USD (TUSD) spot and margin trading pairs zero-fee bitcoin trading. .
So far, traders have had zero maker and taker fees when trading BTC on the TUSD pair. However, the regular taker fee will now be introduced based on the user’s VIP level. Nevertheless, users will not incur maker fees when trading Bitcoin on BTC/TUSD Spot and Margin trading pairs.
“The corresponding volume of the BTC/TUSD spot and margin trading pairs will count toward the VIP tier calculation and all liquidity provider programs. In addition, BNB discounts on spot and margin trading volumes of BTC/TUSD , referral rebates, and other commission adjustments will resume.”
Apparently, Binance plans to discontinue TUSD’s zero-fee Bitcoin trading initiative, which indicates that support for the TUSD stablecoin is declining due to various concerns. Importantly, users can continue to maintain the privilege of zero maker and taker fees when trading Bitcoin within FDUSD spot and margin trading pairs.
Binance’s adjustment to its zero-fee Bitcoin trading regime for BTC/TUSD spot and margin trading pairs could unintentionally trigger further market declines.
Related: Binance has banned Russian banks on its platform as ‘yellow’ and ‘green’ cards
according to According to CoinMarketCap, the BTC/TUSD and BTC/USDT pairs are Bitcoin’s most frequently traded, accounting for 11% and 7% respectively. After Binance stopped supporting BUSD and designated TUSD as the only trading pair for zero-fee bitcoin trading, trading volume on the Tether (USDT) pair dropped significantly.
Once again, the exchange has shifted its focus from the widely traded TUSD to the lesser known FDUSD stablecoin. Notably, FDUSD does not rank among the top 10 bitcoin pairs by trading volume, with FDUSD’s market cap at his $324 million.
Collect this article as NFT To preserve this moment in history and show your support for independent journalism in the cryptocurrency space.
magazine: Deposit Risk: What Do Cryptocurrency Exchanges Really Do With Your Money?
