Binance Eliminates Spot Bitcoin Trading Fees to Celebrate Fifth Anniversary

Binance, the world's largest cryptocurrency exchange by trading volume, is celebrating its fifth anniversary by lowering some Bitcoin spot trading costs.

The exchange stated that the fee reduction would apply to 13 pairs, including BTC/USDT, BTC/BUSD, BTC/USDC, BTC/EUR, and BTC/TRY.

According to the exchange, the fees would be in effect indefinitely beginning July 8. The trading platform was founded in July 2017 and has since evolved to become one of the most popular sites for spot and futures trading.

“In line with our user-first philosophy, Binance has always strived to provide the most competitive fees in the industry. At its core, Binance is an inclusive platform with accessibility in mind. Eliminating the trading fees on selected BTC spot trading pairs is another move towards that direction,” said Chanpeng Zhao, Binance Chief Executive Officer and Founder.

“Within the span of five years, Binance has amassed an amazing community that believes in us and supports our vision. Our growth and achievements would not have been possible without them. We hope to give back to the community by providing them with the world's best products and services.”

This is not the first time a Binance-affiliated firm has reduced fees. Binance.US, the trading platform's US spinoff, said last month that it was eliminating spot Bitcoin trading costs in order to attract more retail consumers to its platform.

While it claims to have one of the finest rates in the market, the trading platform stated that the suspended charge drop will help it reinvent itself as the industry leader. Binance's move runs counter to the current trend of crypto exchanges cutting costs and sourcing revenue as the crypto cold hits.

In addition to reducing revenue through fee cuts, the exchange announced that it would hire 2,000 new employees by the end of the year.

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