Zero-Fee Trading for XRP, ETH, SOL
Image courtesy of Binance Twitter page
- Binance Exchange has introduced a $0 fee for XRP, ETH, SOL, and other trading pairs.
- The exchange’s impact on the market is diverse irrespective of its recent regulatory woes.
In a surprising move amidst the ongoing crypto market rally, Binance, the world’s largest crypto exchange, announced on Tuesday that it would launch zero-fee trading for six FDUSD spot and margin pairs. This strategic decision is set to cover some of the most popular cryptocurrencies, including Ethereum (ETH), XRP, Binance Coin (BNB), Solana (SOL), Dogecoin (DOGE), and Chainlink (LINK).
As of the latest available data, ETH is trading at $2,266, with a percentage increase of 3% over the past 24 hours. Additionally, the market cap stands at over 272.4 billion while the trading volume is over $16 billion. The same bullish rally has engulfed most of the altcoins featured in the Binance move.
Binance Introduces Zero-Fee for Key Trading Pairs
The official announcement from Binance revealed that users would enjoy zero maker and taker fees for these pairs, and this initiative is scheduled to take effect from December 8th at 00:00 UTC. The key trading pairs included in this move are BNB/FDUSD, DOGE/FDUSD, ETH/FDUSD, LINK/FDUSD, SOL/FDUSD, and XRP/FDUSD.
Binance’s announcement also outlined additional details regarding the zero-fee trading promotion. The trading volume on these pairs will be excluded from the VIP tier volume calculation and Liquidity Provider programs during the promotion period. Moreover, these pairs will not be eligible for BNB fee discounts, rebates, or any other adjustments after the promotion ends.
In addition to zero-fee trading, Binance introduced a one-hour interest fee waiver for specific cryptocurrency pairs, including BTC, DOGE, ETH, GALA, GMT, LINK, MATIC, ORDI, SEI, SOL, TIA, and XRP. Users engaging in margin trading with these pairs on Binance will automatically receive this interest fee waiver until December 18 at 09:00 UTC, providing temporary relief from borrowing costs.
Notably, this update comes only shortly after Changpeng ‘CZ’ Zhao, the former CEO of Binance, declared the onset of an “alt season” as certain altcoins gain momentum. While Bitcoin has experienced recent gains, altcoins like Litecoin, Binance Coin, and Tron (TRX) have also seen notable increases. This declaration highlights the operational dynamics among crypto exchanges with strategies to make altcoins shine.
Binance’s Strategic Actions and Market Impact
Beyond the zero-fee trading announcement, Binance has been actively engaged in strategic moves to promote the rejuvenation plans of Terra Classic (LUNC). The trading platform recently helped execute the 16th Terra Classic (LUNC) token-burning batch. This event under Richard Teng destroyed approximately 3.9 billion LUNC tokens. This action immediately impacted the LUNC price positively.
In a further move to strengthen its position, Binance recently announced the launch of a pilot program designed to serve institutional players. This initiative allows traditional banks to store trading collateral outside crypto exchanges, providing institutions with an alternative option to safeguard their collateral. The primary goal of this program is to improve security for some of Binance’s most important clients.
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