Binance Announces Zero-Fee Bitcoin And Ethereum Trading, Bullish For Crypto Market?
The world’s largest crypto exchange Binance on Thursday announced zero-free Bitcoin and Ethereum trading with newly added FDUSD stablecoin spot and margin pairs. Crypto, including Bitcoin (BTC) and Ethereum (ETH), prices remained under pressure after Binance ended the zero-fee trading for all trading pairs except TrueUSD (TUSD) in March end.
Binance Seeks to Improve Market Shares With FDUSD
Binance adds Bitcoin and Ethereum with FDUSD spot and margin trading pairs and introduces zero-fee trading for BTC/FDUSD trading pair, according to an announcement on August 3.
Users will enjoy zero maker and taker fees for BTC/FDUSD spot and margin under the Zero Fee Bitcoin Trading Program from 08:00 UTC on August 4. In addition, users can trade ETH/FDUSD with zero maker fee, with standard taker fee applicable as per user’s VIP level.
The trading volume on the BTC/FDUSD spot and margin trading pairs is excluded from the VIP tier volume calculation and all Liquidity Providers program. Thus, providing users with a better trading experience.
“BNB discounts, referral rebates, and any other adjustments will not apply to the BTC/FDUSD spot and margin trading pairs during the promotion.”
Binance ended its zero-fee Bitcoin trading program and BUSD zero-maker fee promotion in March and switch from BUSD to low-market cap TrueUSD (TUSD) stablecoin. The exchange removed Tether (USDT) from zero-fee trading program, causing Binance’s market share to drop more than 50% and trading volumes to drop significantly.
Recently, CoinGape Media reported that Binance’s market share has dropped to a one-year low, dropping to 53.7% amid regulatory heat and low trading volumes.
Read More: Reports Of US DOJ Fraud Charges On Binance Resurface
Is this Bullish for Crypto Market?
First Digital USD (FDUSD) is backed by Hong Kong-based custodian and trust company First Digital. FDUSD’s market cap of $257 million is still low compared to other stablecoins like USDT, TUSD, BUSD, and USTC. Thus, it will not have much impact on the crypto market now, but minting new FDUSD amid demand from Binance can cause a significant boost in market cap.
Binance remains the top exchange for Bitcoin trading. BTC/TUSD and BTC/USDT on Binance are the most traded pairs, accounting for 14.80% and 6.88% trading volume.
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