- Binance broadens its zero-fee trading for BTC, ETH, and USDT in conjunction with Argentine, Brazilian, and South African currencies.
- This decision surfaces as crypto trading volumes slump to their lowest since 2019 and amid ongoing legal and regulatory challenges in various regions.
As reported by CoinDesk on Binance’s recent announcement, the cryptocurrency giant is set to expand its fee-free trading offer to include trading pairs in the Argentine peso, Brazilian real, and South African rand. From Friday onwards,
“Binance users will now benefit from the opportunity to trade leading cryptocurrencies without the burden of maker fees,”
Binance clientele will enjoy the privilege of trading bitcoin (BTC), ethereum (ETH), and Tether’s USDT stablecoin paired with these three currencies on the spot market without incurring any maker fees. It’s noteworthy to understand that makers are those who place orders waiting for a match, while takers are the ones who fulfill these orders by picking available ones.
Amid the backdrop of this announcement, Binance is navigating through a sea of legal and regulatory challenges, particularly in the U.S. and Europe. Furthermore, the cryptocurrency market has witnessed a significant drop in trading volumes, reaching their lowest ebb since 2019, thereby impacting Binance’s revenue sources. In a strategic move last month, Binance decided to shut down its crypto payment gateway, ‘Connect’, pivoting its focus back to its core offerings. Additionally, they have ceased issuing their branded debit cards in regions like Latin America and the Middle East.
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Emerging Market Strategy
The strategy to amplify cryptocurrency trading with currencies from emerging markets aligns with a report from Chainalysis last year, which spotlighted how developing nations are at the forefront of crypto adoption. Especially in countries with unstable financial infrastructures like Argentina, a significant population is veering towards digital assets. The intent? To shield their value or act as a counter against their native currency’s volatility.
This isn’t Binance’s maiden foray into zero-fee promotions. Earlier in the year, they had rolled out a similar initiative for off-shore stablecoins like TrueUSD (TUSD) and First Digital’s FDUSD.
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