Binance US, the American branch of global exchange behemoth Binance, has removed fees for trading Bitcoin on its exchange for spot pairs such as USD, USDT, USDC, and BUSD.
The news became an instant sensation across various crypto communities, with some hinting at the possibility of a ‘fee war’ among exchanges. At the moment, only Binance US and Robinhood (NASDAQ:HOOD) – the first platform to offer a fee-less trading experience – are implementing zero fees for their Bitcoin trading service to American users.
As if this was not enough, Binance US CEO Brian Shroder said that the exchange has also reduced the Bitcoin withdrawal fee by up to 60%.
Not all users in the US can access Binance US’ services. Specifically, Binance US does not serve people who reside in four states, namely New York, Texas, Vermont, and Hawaii due to regulatory reasons. However, the exchange is already taking steps to open its platform to these jurisdictions.
“The timelines vary for each state, but we are engaged in active and productive discussions with state regulators,” explained a representative from the said exchange.
Binance US is also mulling over the possibility of implementing the same for other cryptocurrencies, although it has not mentioned any other specific details yet.
In other news, Bitcoin is struggling to maintain its price at $20,000 after a bloody weekend that saw its decline to as low as $17,760.77, according to CoinGecko. At the time of writing, Bitcoin is changing hands at $20,318.63.
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