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Bear Market Sacrifice: Binance.US Waives Bitcoin Transaction Fees, Binance Launches Institutional Service Flagship Platform

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Bear Market Sacrifice: Binance.US Waives Bitcoin Transaction Fees, Binance Launches Institutional Service Flagship Platform

Binance US announced the cancellation of Bitcoin spot trading fees; in addition, Binance also launched a new flagship platform "Binance Institutional" targeting VIP and institutional users.

Eliminating Bitcoin Spot Trading Fees

According to an announcement, Binance.US has announced the elimination of spot trading fees for the following pairs:

  • BTC/USD
  • BTC/USDT
  • BTC/USDC
  • BTC/BUSD

Compared to other U.S. cryptocurrency exchanges, Robinhood set a precedent for commission-free cryptocurrency trading in 2018, while Kraken charges fees ranging from 0% to 0.26% based on order value.

Coinbase, in addition to order value, offers lower fees to makers, ranging from 0% to up to 0.6%; FTX.US has a fee structure similar to Coinbase, ranging from 0% to 0.2%.

Binance.US CEO Brian Shroder stated that this move makes Binance.US the first cryptocurrency exchange to eliminate Bitcoin trading fees with no trading volume requirements, emphasizing that this is just the beginning, with a new tiered fee structure set to launch in the third quarter of this year.

He and Binance founder Changpeng Zhao (CZ) both took jabs at Robinhood on Twitter:

We absolutely do not make money in the trade.

Binance Institutional

The announcement from Binance indicates that this is a new flagship platform for VIP and institutional users, providing tailored solutions for various institutions, including:

  • Miners
  • Enterprises
  • Brokers
  • Hedge funds
  • Family offices
  • High-net-worth individuals
  • Liquidity providers
  • Asset management companies
  • Proprietary trading firms

Binance Institutional's services include custody, over-the-counter trading (OTC), broker programs, yield products, data and reporting, among others.