Coinbase Introduces Fee Upgrade Program for High-Volume Traders
American cryptocurrency exchange Coinbase has launched a new fee tier upgrade program for its VIP and high-volume traders. This program allows top traders from other exchanges to upgrade to lower fee tiers by providing proof of their trading volume. The aim is to offer cheaper transactions for these VIP traders, with the potential to pay as low as 0.0% maker fees on spot trades on Coinbase Advanced.
Traders can participate in the program by selecting their current crypto exchange and uploading a screenshot of their recent trading volume. Once verified, they will be upgraded to a fee tier with lower fees than their current exchange. The process takes approximately five working days. Traders will enjoy the lower fee tier for 60 days, after which their subsequent fees on Coinbase will be determined by their monthly trading volume.
During the 60-day period, upgraded traders will also receive complimentary premium customer support.
Coinbase’s Legal Battle with SEC Continues
Coinbase’s introduction of the fee upgrade program is part of its efforts to compete in the cryptocurrency market amidst regulatory crackdowns. Despite its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), there are indications that Coinbase may come out victorious.
An analyst from Bloomberg has suggested that Coinbase has a 70% chance of winning the lawsuit based on Judge Katherine Polk Failla’s request for the SEC to clarify certain crypto terms. This request posed difficulties for the SEC lawyers, implying that their prosecution lacks strong convictions.
In addition, Coinbase has appointed former UK Chancellor George Osborne to its board of advisors as it works towards resolving its issues with the SEC.
Hot Take: Coinbase Prioritizes High-Volume Traders and Legal Battles
Coinbase is making moves to attract high-volume traders by introducing a fee upgrade program, allowing them to enjoy lower fees and complimentary customer support. This strategic move aims to enhance Coinbase’s offerings and compete in the cryptocurrency market.
Meanwhile, Coinbase’s legal battle with the SEC continues, with signs pointing towards a potential victory. Judge Failla’s request for clarification on crypto terms has cast doubt on the SEC’s prosecution, strengthening Coinbase’s position in the lawsuit. The recent appointment of George Osborne to Coinbase’s board of advisors further demonstrates its commitment to resolving regulatory issues.
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