Binance (BNB-USD) is one of the few household names in the forever-shifting crypto market. Since launching, the exchange has done well to jump ahead of competitors and distance itself through aggressive expansion and savvy marketing. Now today’s Binance news sees the company continuing this trend in the States; Binance.US is looking to lead the American crypto trading market by slowly eliminating fees from its floor.
Binance is the most popular exchange worldwide. Launched in 2017, it quickly built up a loyal user base outside of the States, offering one of the largest pools of altcoin trades available at the time. It continues to grow its offering too, with hundreds of coins and tokens for trading and thousands of different trading pairs to utilize.
In the years since launching, Binance has also begun a broader push into the U.S. market. Binance.US is a special American branch of the company, serving only U.S. customers. Essentially, Binance.US exists to serve American users without having to change the broader Binance product to accommodate increasing U.S. regulatory constraints.
Recently, though, Binance has been looking to increase its mark on the market by moving beyond the simple duties of exchange hosting. A number of financial services have cropped up for the company, including several staking opportunities. Moreover, the company has rolled out its very own blockchain, rebranding to the BNB Chain to foster its own ecosystem of DeFi networks.
Now this week, Binance is making the game of catch-up even harder for competitors.
Binance News: Fee-Free Trading Coming to World’s Number One Exchange
This week is making for some of the biggest Binance news in a while. The company is making a move that could revolutionize the crypto exchange market, similar to how Robinhood (NASDAQ:HOOD) turned e-trading on its head.
Specifically, Binance.US just announced totally fee-free Bitcoin (BTC-USD) trading. This is certainly a big deal. After all, the crypto market is often plagued with complaints of high fees. Although Binance hasn’t really been subject to this criticism before, it’s the first major exchange to forgo fees entirely.
As of now, the company is only offering fee-free trades on Bitcoin, but it has plans to slowly eliminate fees for other crypto trades as well. This is a shock to the industry that can be compared Robinhood’s launch of zero-fee stock trading. But as CoinDesk points out, Binance won’t earn money on fee-free trading; Robinhood still earns revenue through trades via its payment for order flow (PFOF) model.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
