Binance Introduces Zero-Fee Trading and Delists Four Cryptocurrencies
Binance, the world’s largest cryptocurrency exchange, has announced that it will offer zero-fee trading for several trading pairs, including XRP/FDUSD and SOL/FDUSD. This promotion will begin on December 8 and will not include these pairs in the VIP tier volume calculation or Liquidity Provider programs during the promotion period.
The focus of this offering is on FDUSD, a stablecoin issued by First Digital Limited. Binance plans to move away from BUSD and will stop supporting BUSD products. Any remaining balances will be automatically converted to FDUSD at a 1:1 rate by December 31, 2023, excluding users in Japan, France, Italy, Poland, and Kazakhstan.
In addition to the zero-fee trading announcement, Binance will also delist four cryptocurrencies – BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), and Waltonchain (WTC) – on December 7. Some of these coins have already experienced significant price drops.
Binance’s Newest Offering: Zero-Fee Trading
Binance has introduced zero-fee trading for several trading pairs, such as XRP/FDUSD and SOL/FDUSD. Starting on December 8, users can take advantage of this promotion until further notice. During this period, there will be no maker or taker fees for these pairs. The trading volume for these pairs will also be excluded from VIP tier volume calculations and Liquidity Provider programs.
FDUSD is a stablecoin backed by reserves and issued by First Digital Limited. Binance has decided to focus on FDUSD and will no longer support BUSD products. Users are encouraged to withdraw or convert their BUSD holdings into other assets. Any remaining balances will be automatically converted to FDUSD at a 1:1 rate by December 31, 2023, except for users in Japan, France, Italy, Poland, and Kazakhstan.
Binance’s Delisting Efforts
Binance has announced that it will delist four cryptocurrencies – BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), and Waltonchain (WTC) – on December 7. The delisting of these coins has already had an impact on their prices. PERL has experienced a 60% drop in the past two weeks, while WTC has collapsed by over 70%.
Hot Take: Binance’s Strategic Moves
Binance’s latest announcements reflect the exchange’s strategic moves to offer new opportunities and streamline its offerings. The introduction of zero-fee trading for select pairs aims to attract more users and provide them with cost-effective trading options. By focusing on FDUSD and phasing out BUSD, Binance is aligning itself with stablecoin trends and positioning itself for future growth.
The delisting of certain cryptocurrencies demonstrates Binance’s commitment to maintaining a high-quality selection of assets on its platform. This move ensures that only viable projects with strong market demand are available to traders. However, it also highlights the volatility and risks associated with investing in lesser-known or less popular coins.
Overall, Binance’s strategic decisions showcase its dedication to offering a robust and reliable trading experience while adapting to market dynamics and customer preferences.
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