Binance’s Latest Moves Prompt Another Sell-Off in the Crypto Market

Published by

Qadir AK

August 24, 2023

In a twist of events that has taken the crypto world by storm, Binance, the colossal crypto exchange, announced that it is revising its much-vaunted zero-fee Bitcoin trading initiative. From September 7th, Binance is set to recalibrate the dynamics of its BTC/TUSD spot and margin trading pair, shifting away from the no-cost transaction era.

Zero to Some: The Fee Shift

A significant portion of Binance’s user base relished the absence of both maker and taker fees when trading BTC with TUSD pairs. However, this idyllic period is nearing its end. The company has indicated that, while the zero maker fees will remain intact, the taker fees will now be determined by the user’s VIP status.

Incorporating Incentives and Rewards

It’s not all about taking it away though. Binance has made it clear that the trading volume associated with the BTC/TUSD spot and margin trading pair will play a significant role in VIP tier assessments and all Liquidity Provider initiatives. Furthermore, perks such as BNB markdowns, referral kickbacks, and other fee alterations are set to make a comeback for volumes related to BTC/TUSD spot and margin trading.

Ripples in the Market

Binance’s recalibration is already creating significant waves. This move has been identified as a potential catalyst for the newest crypto sell-off, especially considering the alterations to the BTC/TUSD spot and margin trading duo. The aftereffects were also evident in the Tether (USDT) domain, where trading volumes took a nosedive. This decline was particularly pronounced following Binance’s phase-out of BUSD support in favor of TUSD as the solitary contender for zero-cost Bitcoin trades.

For many in the crypto world, Binance’s latest change is seen as a pivotal moment, and the ripples are expected to touch various corners of the market. As we move towards this new era, traders, investors, and market watchers will undoubtedly keep a close eye on Binance’s next steps and the broader market implications.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.