Changpeng Zhao's bag, known as "CZ", remains on the attack. Having eliminated fees on a wide range of BTC trading pairs on its spot market in July, it intends to repeat the ETH initiative by introducing zero fees. This time around, however, the zero tax will only apply to the ETH / BUSD combination, the platform's native stablecoin.
Zero commissions on ETH / BUSD
The Merge is coming and with it, of course, a particular fever awaits around the cryptocurrency ether, whose blockchain will experience a historic transition from proof-of-work (PoW) to proof-of-stake (PoS) consensus. An important event in the history of cryptocurrencies that could not leave the leader of the exchange platforms without reaction. In fact, as of August 26, Binance will offer a zero commission offer on the ETH / BUSD pair. Will available to all users in the spot market.
This move, like the one previously taken on bitcoin trading, may come as a surprise as the exchange thus deprives itself of an important source of income in a delicate moment of bear market. But in doing so, Binance obtains several advantages at low cost.
The show of strength of Binance
First, it is a demonstration that already has its experience. In other words, less trivially, to demonstrate, especially in the face of a healthy FTX, that it is still there. CZ said Binance had sufficient liquidity reserves to last for a long time, even during a cryptocurrency winter as severe as the one we are going through, and is proving it with this type of initiative. The next, focusing on free ETH / BUSD also allows it to boost its internal stablecoin.. Stablecoin is steadily growing in importance in this segment of the cryptocurrency market, ranking third behind the giants USDT and USDC, and is aiming for the 6th place in the ranking of cryptocurrencies with 19 billion market capitalization.
The offer is currently only valid for one one month, ending on September 26th. The project will therefore be the setting for the Merge scheduled for mid-September and will be at the center of the intensification of the negotiations planned for that occasion. Binance's hopes to attract more and more users and assert its supremacy as the number one. A lonely race about which its CEO jokes.
No one is following us, so we are in a 0-0 game with ourselves. Driving is sometimes lonely. 23/8: Binance launches commission-free ETH trading; 6/7: Binance launches commission-free BTC trading; 14/2: Binance extends fees to all US dollar stablecoin pairs; 17/12: Binance extends commissions to 4 BUSD pairs.
CZ on Twitter
