Jun 23, 2022 03:30AM ET
By: AnalysisWatch
Binance US, the American arm of global exchange giant Binance, has eliminated fees for trading bitcoin on its exchange for spot pairs such as USD, USDT, USDC, and BUSD.
The news immediately caused a stir in various crypto communities, with some pointing to the possibility of a "fee war" between the exchanges. Only Binance US and Robinhood-the first platform to offer fee-free trading-currently offer no fees to American users for Bitcoin trading.
As if that wasn't enough, Binance US CEO Brian Shroder said the exchange has also cut bitcoin withdrawal fees by up to 60%.
Not all users in the US can use Binance US's services. For certain reasons, Binance US does not offer services to people living in four states, namely New York, Texas, Vermont, and Hawaii. However, the exchange is already taking steps to open its platform to these countries.
"The timeline is different for each state, but we are having active and productive discussions with state regulators," said a representative of the said exchange.
Although it has yet to provide further specific details, Binance US is also considering the possibility of implementing the same for other cryptocurrencies.
In other news, Bitcoin is struggling to maintain its price at $20,000 after falling as low as $17,760.77 over the weekend, according to CoinGecko. At the time of writing, Bitcoin is changing hands at $20,318.63.