The move - which effectively allows customers to trade spot bitcoin for the U.S. dollar, tether, USD Coin and Binance USD, or vice versa, without paying spot trading fees - is the latest example of how organizations—traditional brokerages and digital upstarts alike—are offering discounts or eliminating fees to attract individual investors. To compensate for lower transaction fees, some brokerages have raked uninvested client cash from brokerage accounts into banking products. Others have routed customer orders to electronic trading firms called market makers in a practice known as payment for order flow.
“We see this as an opportunity to revolutionize the way fees are approached in our industry, increase accessibility to crypto, and help our market and customers in a time of need,” said Binance.US Chief Executive Brian Shroder in a statement.