Binance will be the first exchange to reduce Bitcoin trading fees

Binance will remove fees on its Bitcoin-to-fiat trading pairs on July 8th.

Binance bids farewell to Bitcoin fees

Binance customers will soon be able to buy Bitcoin without paying exchange fees.

In a Wednesday announcement, the world’s largest cryptocurrency exchange revealed that it would remove trading fees for 13 Bitcoin-to-fiat trading pairs to celebrate its five-year anniversary.

As of July 8, customers will no longer have to pay fees when trading between Bitcoin and Australian Dollars, Indonesian Rupiah, Brazilian Real, US Dollars, Euros, British Pounds, Russian Rubles, Turkish Lira and Ukrainian Hryvnia. In addition, several Bitcoin-to-stablecoin pairs will also be excluded from fees, including TUSD, USDC, USDP and USDT.

In a press release, Binance CEO and founder Changpeng “CZ” Zhao comments:

“In line with our first-come, first-served philosophy, Binance has always sought to offer the most competitive fees in the industry. At its core, Binance is an inclusive platform with availability in mind. Eliminating the trading fees on selected BTC spot trading pairs is another feature of that direction. “

The move makes Binance the first major centralized cryptocurrency exchange to completely eliminate fees for trading Bitcoin. At the moment, the stock exchange changes by 0.1% on all trades, but offers a 25% discount on fees paid with Binance’s BNB token. Other leading exchanges, such as Gemini and Coinbase, charge between 0.5% and 1.49% per transaction.

In anticipation of the potential problems that zero trading fees may cause, Binance reserves the right to “disqualify trades deemed to be laundering or [from] illegally bulk registered accounts, as well as trades that display attributes for self-trading or market manipulation. “

Disclosure: At the time of writing, the author owned BTC, ETH and several other cryptocurrencies.