NewsletterJust-In: Binance Ends Zero-Fee Bitcoin Trading After BTC Price Breaks $26K
Crypto exchange Binance on Wednesday announced ending zero-fee Bitcoin trading on the platform. Amid the crackdown against Binance USD (BUSD) stablecoin, the crypto exchange is shifting its zero-fee Bitcoin trading facility to TUSD only.
According to an official announcement on March 15, Binance makes major changes to its zero-fee Bitcoin trading program and BUSD zero-maker fee promotion. The BTC/TUSD will be the only zero-fee spot trading pair starting from March 22 at 00:00 UTC. However, zero maker fees will still apply to BNB/TUSD and ETH/TUSD trading pairs.
Binance CEO Changpeng “CZ” Zhao said:
“Given recent events, we are moving 0 fee BTC trading from BUSD to TUSD. Let’s spread the liquidity to more pairs. We add pairs and provide liquidity. Binance aims to be an open platform.”
He also clarifies that the exchange is not adding another stablecoin, but stopping the BUSD program amid ending support for it. The BUSD zero maker fee promotion will now exclude the BNB/BUSD, BTC/BUSD, and ETH/BUSD spot and margin trading pairs, while other BUSD spot and margin trading pairs remaining the same.
After the announcement, TrueFi (TRU) token jumped nearly 20% as people believed the token is still related to TUSD. Binance CEO asserts that TRU should not be related to TUSD.
The sound of of hundreds of narrative tradooors crying out in terror and then suddenly silenced. https://t.co/LAd3jfauBp
— Hsaka (@HsakaTrades) March 15, 2023
Crypto Twitter reacts to the move by Binance as it expresses support for TUSD stablecoin after BUSD. On March 11, Binance switched to multiple stablecoins and discontinued its Binance USD (BUSD) Auto-Conversion policy that was introduced last September.
After the Circle’s USDC depeg due to the collapse of three crypto-friendly banks, Binance added new spot trading pairs BNB/TUSD, BTC/TUSD, ETH/TUSD, TUSD/USDT, USDC/USDT, and USDP/USDT. It indicates Binance’s move towards TUSD, a comparatively small stablecoin with just $2 billion market cap.
Also Read: Coinbase Partners Top Bank To Introduce Free Transfers Amid Banking Woes
Bitcoin price currently trades below $25K after a move above $26K on Tuesday as traders estimate a lower rate hike by the U.S. Federal Reserve with the CPI inflation cooling to 6%.
BTC price is trading at $24,893, up 2% in the last 24 hours and 13% in a week. The trading volume continues to be flat in the last few hours.
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