Summary
- Binance US said it has reduced fees for more than 20 trading pairs including Ethereum (ETH) and Solana (SOL).
- With this fee cut, the affected pairs will have maker fees of 0% and taker fees of 0.01%, and it is reported that there are no separate volume conditions.
- The industry said it views the move as an attempt to recover trading volume and expand market share.
The U.S. arm of global virtual asset (cryptocurrency) exchange Binance, 'Binance US', has reduced fees for more than 20 trading pairs including Ethereum (ETH) and Solana (SOL).
On the 10th (local time), The Block reported that Binance US said it would cut fees for more than 20 trading pairs including Ethereum, Solana, and Binance Coin (BNB). Under this measure, the affected pairs will have a maker fee of 0% and a taker fee of 0.01%, and it is reported that there are no separate volume conditions.
The industry views the move as an attempt to recover recently weakened trading volumes. Since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit in June 2023, Binance US's trading volume plunged and its market share fell sharply. As of August, its U.S. market share had dropped to 0.20%.
The outlet said, "Despite the SEC's withdrawal of the lawsuit in May, Binance US's trading volume remains very low," and added, "Whether this fee cut will lead to a recovery in market share remains to be seen."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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