06-24-2022 icon

Binance.US Impels A Cost-Free Bitcoin Exchange

By Lucy Adegbe
Binance debit card

The trading platform envisions the removal of fees attached to more tokens in the later years. 

A recent report has revealed Binance.US ‘updated decision to operate a cost-free trade of bitcoin on its platform as it strives to gain more customers. 

According to the firm’s CEO, Brian Shroder in a talk session with Bloomberg, “Since inception, we have been known for our really low fees” and cost-free trade is “something that we want to do because we can. This will generate positive user sentiment that will bring us new users.”

Binance.US which is the United State associate of global exchange Binance emphasized that the cost-free transaction on bitcoin does not accrue any earnings for the platform. 

This is contrary to Robinhood (HOOD) enterprise whose earning comes from discounts attached to referring investors to other trading platforms even with their zero cost policy on crypto trade. 

Binance.US hopes to include other currency denominations in the no-charge exchange section as the crypto sector continues to fight through all of the macro challenges and decline in the value of major cryptocurrencies. 

Binance.US move to exert a no-fee policy on the trading of bitcoins is being done barely two months after the company realized approximately $200 million from a seed funding at a valuation of $4.5 billion. 

The company’s delegate had explained that the realized funds would be shifted towards marketing before the firm goes public in a couple of years, say two to three years.