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Binance Volume Surges After Zero Trading Fee Policy Goes Live
As a result, CEO Changpeng Zhao said the exchange will make some changes "shortly" to "remove all incentives to wash trade."
By Jimmy He
Updated May 11, 2023, 6:52 p.m. Published Jul 8, 2022, 6:50 p.m.
Binance trading volume spiked after its global zero trading fee policy went live Friday morning.
- Zero trading fees worldwide for 13 crypto pairs at Binance – the world’s largest crypto exchange by volume – began Friday at 14:00 UTC (10 a.m. ET). The move caused an explosion in trading at the exchange, with bitcoin/tether spot volume surging to 320,000 coins within hours. The exchange hasn’t seen volume that high for even a full day since March 2020.
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- Binance CEO Changpeng Zhao attributed the surge to people trying to gain VIP tiers via high trading volumes. “We will exclude BTC trading from VIP calculations,” he tweeted. “Remove all incentives to wash trade. Announcement with details coming shortly.” A wash tradeoccurs when an investor buys and sells an asset for the purpose of artificially inflating the price.
- The exchange made the zero-fee announcement on Wednesday, with the plan becoming effective Friday on Binance’s fifth anniversary.
- “With the onset of the crypto bear market, exchanges like Binance have been seeking ways of attracting and retaining users on their platforms to ensure their slice of the depleted pie remains healthy,” CoinDesk reported at the time.
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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