The world’s largest cryptocurrency exchange platform Binance in its recent announcement has mentioned that it will be removing all the trading fees on the cryptocurrency Ethereum. Priority to this news binBinance had also announced last month that they will remove all the charges from transactions of cryptocurrency Bitcoin.
What is the announcement by Binance for transaction fees?
The cryptocurrency exchange platform Binance in its recent statement mentioned that it will be using the zero fees price model for the transaction of cryptocurrency Ethereum for its US subsidiary company. As an analysis of this announcement now the users will be able to trade in 4 types of Ethereum spot market operations in the Binance platform. These four spot options categories are ETH/USD, ETH/Tether, ETH/USD Coin, and ETH/Binance USD (BUSD).
After this announcement, the US subsidy of Binance has also eliminated the gas fees which have been acquired during the transaction of cryptocurrency Ethereum through the process of buying and selling at the Binance platform. In June of this year, the US subsidy of cryptocurrency exchange Binance started to work on the no Commission fee model during the transaction of cryptocurrency. Binance has to take this initiative because its Rival payment company Robinhood started the same feature in its platform in 2018.
The US subsidiary of the cryptocurrency exchange Binance works as a separate entity apart from the global currency exchange Binance but uses the same logo and identity as the global cryptocurrency Exchange Binance. The US subsidiary of cryptocurrency exchange Binance is only limited to only American crypto traders.
Brian Shroder Who is the CEO of and President of the US subsidiary of Binance in a recent statement have mentioned that after eliminating the fees on the transaction of cryptocurrencies Bitcoin and Ethereum the Binance US platform will work for the user’s interest first and also mentioned that they will offer the least amount of possible fees for all the Crypto transactions.
The role of exchange fees was considered to be a crucial role a crucial factor in adopting cryptocurrency as a part of monetary transactions. Availing of the zero-fee transaction procedure will encourage users in the crypto industry to transact more with the help of cryptocurrency and digital assets. In this manner will the transaction process which was once considered expensive in the Crypto market will be able to see millions of new and potential transactions with the help of digital Technologies of cryptocurrency soon.