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Binance News: Crypto Exchange Steps Up Competition With Free Bitcoin Trading


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Binance (BNB-USD) is one of the few household names in the ever-evolving crypto market. Since its launch, the exchange has done well to outpace its competitors and stand out through aggressive expansion and savvy marketing. Today Binance news sees the company continuing this trend in the US; Binance.US seeks to dominate the US crypto trading market by slowly removing fees from its floor.

Binance is the most popular exchange in the world. Launched in 2017, it quickly built up a loyal user base outside of the US, offering one of the largest altcoin trading pools available at the time. It also continues to expand its offering, with hundreds of coins and tokens to trade and thousands of different trading pairs to use.

In the years since its launch, Binance has also begun a broader push into the US market. Binance.US is a special US branch of the company, which only serves US customers. Essentially, Binance.US exists to serve US users without having to modify the larger Binance product to accommodate growing US regulatory constraints.

Recently, however, Binance has sought to grow its brand in the market by going beyond simple exchange hosting functions. A number of financial services have popped up for the company, including several staking opportunities. Additionally, the company has rolled out its own blockchain, rebranded as BNB Chain to foster its own ecosystem of DeFi networks.

This week, Binance is making the catch-up game even harder for competitors.

Binance News: Fee-Free Trading Comes to the World’s No. 1 Exchange

This week is one of Binance’s biggest news in a while. The company is making a move that could revolutionize the crypto exchange market, similar to how Robin Hood (NASDAQ:HOOD) has disrupted e-commerce.

Specifically, Binance.US has just announced a completely free offer Bitcoin (BTC-USD) trade. It is certainly a big problem. After all, the crypto market is often plagued with complaints about high fees. While Binance hasn’t had much of this criticism before, it’s the first major exchange to waive fees entirely.

For now, the company only offers free Bitcoin transactions, but it also plans to slowly eliminate fees for other crypto transactions. It’s a shock to the industry that can be compared to Robinhood’s launch of fee-free stock trading. But like CoinDesk points out that Binance will not make money from free trading; Robinhood still earns revenue from trading through its Payments for Order Flow (PFOF) model.

As of the date of publication, Brenden Rearick has not held (directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.

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