Binance.US Reduces Trading Fees On Listed Cryptocurrencies To Attract More Users

TLDR

• Binance.US now charges 0% maker fees on all listed crypto trading pairs.
• Taker fees on Binance.US spot trades were cut to 0.02% across all pairs.
• The exchange is using lower fees to attract users after weak trading activity.
• Binance.US restored U.S. dollar services after a two-year crypto-only period.
• CoinGecko data showed Binance.US had $14.8 million in 24-hour trading volume.

Binance.US has lowered spot trading fees across all listed cryptocurrencies in a fresh push to attract users. The exchange now charges 0% maker fees and 0.02% taker fees on every trading pair. The move comes as the platform tries to grow after a long period of weak activity. It also follows the return of U.S. dollar deposits and withdrawals.

Binance.US rolls out near-zero fees across its spot market

Binance.US announced the new pricing on Wednesday. It said the fee change applies to all listed digital assets on its spot market. Maker fees now stand at 0%, while taker fees are set at 0.02%.

The exchange said the new rates are meant to reduce trading costs for U.S. users. CEO Stephen Gregory said, ”American crypto traders have been paying too much for too long.” He added that a regulated U.S. platform can also offer low-cost trading.

Maker fees apply when traders place orders that are not filled at once. Taker fees apply when traders place orders that match instantly. These two charges shape the cost of trading on most crypto exchanges.

The latest change expands earlier fee cuts on selected pairs. Binance.US had already offered 0% fees on some bitcoin pairs. In September, it also applied 0% maker fees and 0.01% taker fees on 20 common pairs.

Exchange looks to regain momentum after a difficult period

Binance.US launched in 2019, but it has not matched the scale of larger rivals. CoinGecko data showed $14.8 million in trading volume on Binance.US over 24 hours. That was far below Coinbase, Kraken, and the global Binance platform.

Its growth slowed sharply in June 2023 after the U.S. Securities and Exchange Commission sued Binance. After that case, Binance.US suspended dollar deposits and withdrawals. The platform then operated as a crypto-only exchange for about two years.

The SEC later dropped its civil case, and Binance.US restored U.S. dollar services. That change gave the exchange a chance to rebuild its U.S. business. The new fee schedule appears to be part of that effort.

The company also saw leadership changes during that period. Gregory became CEO in March, replacing interim CEO Norman Reed. Gregory previously led Currency.com.

Lower fees add pressure in a competitive U.S. crypto market

The new Binance.US pricing is aggressive when compared with major U.S. rivals. Coinbase uses a tiered system and often charges takers more than makers. For retail orders below $10,000, Coinbase lists taker fees at 60 basis points and maker fees at 40 basis points.

That means a $10,000 taker trade can cost far more on Coinbase than on Binance.US. The gap may appeal to cost-conscious traders. It may also help Binance.US stand out in a crowded market.

The global Binance exchange usually charges 0.10% for both maker and taker trades. Better rates are available to VIP users and BNB holders. Binance.US now offers lower pricing even for low-volume traders and small orders.

Binance and former CEO Changpeng Zhao also faced a criminal case from the U.S. Department of Justice. Zhao pleaded guilty to Bank Secrecy Act violations and stepped down from his roles. The latest fee cut shows Binance.US is now trying to bring users back through lower costs and broader access.

The post Binance.US Reduces Trading Fees On Listed Cryptocurrencies To Attract More Users appeared first on CoinCentral.