The world’s largest cryptocurrency exchange has slashed Bitcoin (CRYPTO: BTC) trading fees on its platform down to zero.
What Happened: In an announcement on Wednesday, Binance said that as of July 8, it would remove fees entirely from 13 stablecoin and fiat pairs for Bitcoin.
Included in this list were some of the most popular BTC trading pairs, including BTC/USDT, BTC/USDC and BTC/BUSD.
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“Giving back to our Binancian community is extremely important to us. And what better way to do that than putting a little BTC back in your pocket?” said Binance in a blog.
Binance is running its “zero Bitcoin trading fees” to mark its fifth birthday. The exchange said these new rates will be in effect until further notice.
“You know Binance is doing well when they can just turn off their revenue for the highest volume spot pairs. Wow. Bear markets are where the strong survive,” said Trust Swap CEO Jeff Kirdeikis on Twitter.
As cryptocurrency prices plummeted in 2022, rival exchanges including Coinbase Global Inc (NASDAQ:COIN) and Gemini have cut down their workforce.
Earlier today, cryptocurrency exchange Bitstamp said it would charge a monthly fee of $10 on all inactive accounts, but quickly reversed the decision after community backlash.
Price Action: At press time, Bitcoin was trading at $20,517, gaining 3.11% over the last 24 hours as per data from Benzinga Pro.
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