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Binance cryptocurrency exchange announced its intention to modify its zero-fee Bitcoin (
$80,215.00 ) trading program on Aug. 24. This action has the potential to initiate a significant market downturn, reminiscent of the 90% trading volume decline observed following Binance’s discontinuation of zero-fee trading in March.
In an official statement, cryptocurrency exchange Binance unveiled its plans to implement updates to the zero-fee Bitcoin ( $80,215.00 ) trading starting from Sept. 7. Binance intends to modify the zero-fee Bitcoin ( $80,215.00 ) trading for the Bitcoin ( $80,215.00 ) (BTC)/ True USD (TUSD) spot and margin trading pair.
Previously, traders experienced zero maker and taker fees while engaging in BTC trading with TUSD pairs. However, a regular taker fee will now be implemented based on the user’s VIP level. Nonetheless, users will still encounter no maker fees when conducting Bitcoin ( $80,215.00 ) trades on the BTC/TUSD spot and margin trading pair.
“The corresponding trading volume on the BTC/TUSD spot and margin trading pair will count toward VIP tier calculation and all Liquidity Provider programs. In addition, BNB (
$715.97 ) discounts, referral rebates and any other fee adjustments will resume for BTC/TUSD spot and margin trading volumes.”
Seemingly, Binance is discontinuing its zero-fee Bitcoin ( $80,215.00 ) trading initiative for TUSD, indicating a decreased backing for the TUSD stablecoin due to various concerns. Importantly, users will still retain the privilege of zero maker and taker fees while engaging in Bitcoin ( $80,215.00 ) trading within the FDUSD spot and margin trading pair.
Binance’s adjustment of its zero-fee Bitcoin ( $80,215.00 ) trading scheme for the BTC/TUSD spot and margin trading pair could be inadvertently inciting another round of selloffs in the market.
Related: Binance dubs barred Russian banks on its platform as ‘Yellow’ and ‘Green’ cards
According to CoinMarketCap, the BTC/TUSD and BTC/USDT pairs are the most frequently traded for Bitcoin ( $80,215.00 ) , constituting 11% and 7% respectively. The trading volume in Tether (USDT) pairs experienced a significant drop after Binance stopped supporting BUSD and designated TUSD as the sole trading pair for zero-fee Bitcoin ( $80,215.00 ) trading.
Yet again, the exchange is redirecting attention away from the widely traded TUSD to the lesser-known FDUSD stablecoin. Notably, FDUSD doesn’t rank within the top 10 Bitcoin ( $80,215.00 ) pairs by trading volume, with The market capitalization of FDUSD standing at $324 million.
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