Binance, the world’s largest cryptocurrency exchange, announced on Thursday that it will relaunch its popular zero-fee trading for a limited time starting today. Users will be able to enjoy zero transaction fees when purchasing cryptocurrencies from May 18 to June 18, 2023. However, the limited-time zero transaction fee only applies to Auto Invest. Here are the details…
Binance will offer zero transaction fees for “auto invest”
The move comes as Bloomberg reports that Binance continues to lose its dominance in the cryptocurrency market due to increased scrutiny and regulatory action from US regulators. Also, Binance witnessed lower liquidity compared to previous quarters as Jump Crypto and Jane Street pulled their market making activities from the US market. Cryptocurrency exchange Binance is offering zero-fee crypto trading for Auto Invest investors, according to an official announcement on May 18. The zero transaction fee will be in effect for one month from May 18 to June 18.
Users can buy more than 210 cryptocurrencies, including Binance, Ethereum, Shiba Inu, PEPE, and more, through Auto Invest. Single Token, Portfolio and Index Linked plans offer more than 15 fiat currencies and stablecoins. Auto Invest is a dollar-to-cost average (DCA) investment strategy that allows users to automate their crypto investments while earning passive income.
cryptocoin.com As we reported, on March 15, Binance discontinued its zero-fee Bitcoin trading and BUSD zero maker fee programs and shifted its zero-fee Bitcoin trading opportunity to TUSD due to the pressure on Binance USD (BUSD). Since then, trading volume on the exchange has decreased significantly, with most of the volume coming from the BTC/USDT pair. The ongoing CFTC lawsuit against Binance and its CEO, “CZ,” has created further difficulties.
Binance’s market share has dropped
According to Kaiko, Binance’s share of spot trading volume fell from 73 percent at the beginning of March to 51 percent in May. Huobi’s market share increased from 2 percent to 10 percent, and OKX’s from 5 percent to 9 percent. In addition, the market share of South Korean stock exchanges increased from 8 percent to 14 percent. The US SEC is also approaching a sanctions case against Binance. In response, Binance’s CEO plans to reduce his ownership of the Binance.US cryptocurrency exchange to minimize the impact on the US branch.
