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Binance has revealed plans to move its zero-fee Bitcoin (BTC) trading from Binance USD (BUSD) to TrueUSD (TUSD) on March 22.
- What: Binance announced a 0% trading fee for BTC/TUSD trading pair on its cryptocurrency exchange
- Why: The change follows the recent events within the crypto playing field: Changpeng Zhao
- What next: The move is expected to enhance the stablecoin’s leaps and bounds, including the adoption
In a March 15 statement, Binance said that it would move its zero-fee Bitcoin (BTC) trading from Binance USD (BUSD) to TrueUSD (TUSD) on March 22. Moreover, the exchange said BUSD’s zero fees would exclude its pair with other assets such as Binance Coin (BNB) and Ethereum (ETH). Other details include applying standard trading fees to its Bitcoin trading pairs like Tether (USDT) and several other fiat currencies like the British Pounds (GBP), Australian Dollars (AUD), and Euros.
Binance CEO Clarifies
According to Binance CEO Changpeng Zhao, the change follows the recent events within the crypto playing field, causing Binance to change its decision. The executive clarified the change in a Twitter post.
no, 0 fee will stop on BUSD in about a week.
— CZ 🔶 BNB (@cz_binance) March 15, 2023
New York financial regulators compelled BUSD issuer Paxos to suspend other mints of the stablecoin in February. Moreover, U.S. financial regulators have taken charge of several crypto-friendly banks. This was part of a joint effort to contain the risk they pose to the wider financial sector after the recent shutdown of Signature Bank, Signature Bank, and Silicon Valley Bank.
Notably, the giant crypto exchange introduced zero-fee trading for 13 Bitcoin spot trading pairs in 2022. Since then, the largest crypto exchange by market cap has recorded a significant surge in its spot volumes. As of February 2023, spot trading accounted for 62% of the total trades in the crypto industry. With BTC/TUSD spot trading pairs set to enjoy zero maker and taker fees, the move is expected to enhance the stablecoin’s leaps, and bounds after its circulating supply recently crossed the $2 billion mark.
CZ said: "you don't want my stablecoin? I'll just take another one and use that instead."
USDT and BUSD pairs revert to normal fees, BTC/TUSD becomes the only pair with 0% fee.
Wouldn't be surprised to see TUSD mcap rocket in the next few months from that alone. pic.twitter.com/ycekIrilc5
— Tree (🌲,🌲) (@Tree_of_Alpha) March 15, 2023
The growth came amid banking woes of stablecoins, including USDC, when Binance minted almost $50 million TUSD over the weekend.
Related:
- Signature Bank Seized – Is it the end of Crypto Supporting Banks?
- Shareholders Sue Silicon Valley Bank For Fraud
- Binance Halts Deposit And Withdrawals For Its UK Users
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