Binance, a popular cryptocurrency exchange, recently made changes to its fee structure for Bitcoin trading pairs.
Previously, Binance had offered a nine-month promotion that eliminated all commissions for Bitcoin spot trading, which experts say helped the exchange increase its market share significantly.
However, Binance has now terminated this zero-fee service for all Bitcoin trading pairs except for the TUSD/BTC pair.
This move is seen as an effort to promote the use of TrueUSD (TUSD) stablecoin as an alternative to Binance USD (BUSD), which has faced regulatory obstacles in the United States.
According to Clara Medalie, the director of research at cryptocurrency market maker Kaiko, as of last week, 61% of trading volume on Binance was commission-free bitcoin transactions.
Despite this, Binance has decided to keep the zero-fee service for TUSD/BTC pairs. Additionally, Binance announced that it will convert BUSD, which was stored in the user asset protection fund (SAFU), to the tokens of competitors TruUSD (TUSD) and Tether (USDT).
These changes are likely to have a significant impact on Binance’s market share and position within the cryptocurrency industry.