Binance US Slashes BTC Withdrawal Fee by 60%

© Reuters. Binance US Slashes BTC Withdrawal Fee by 60%

• Binance US has removed all fees for trading Bitcoins on USD, USDT, USDC, and BUSD spot markets.
• Bitcoin withdrawal fee has also been slashed by up to 60%.
• Some altcoins may also experience zero trading fees later.

Binance US, the American branch of global exchange behemoth Binance, has removed fees for trading Bitcoin on its exchange for spot pairs such as USD, USDT, USDC, and BUSD.

The news became an instant sensation across various crypto communities, with some hinting at the possibility of a ‘fee war’ among exchanges. At the moment, only Binance US and Robinhood (NASDAQ:HOOD) – the first platform to offer a fee-less trading experience – are implementing zero fees for their Bitcoin trading service to American users.

As if this was not enough, Binance US CEO Brian Shroder said that the exchange has also reduced the Bitcoin withdrawal fee by up to 60%.

Thank you for bringing my attention to our $BTC withdrawal fees. We’ve now lowered the fee by 60%, effective immediately.Excited to bring @BinanceUS one step closer to becoming America’s home for all #Bitcoin trading! https://t.co/gMVFwjRpec

— Brian Shroder (@BrianShroder) June 23, 2022

Not all users in the US can access Binance US’ services. Specifically, Binance US does not serve people who reside in four states, namely New York, Texas, Vermont, and Hawaii due to regulatory reasons. However, the exchange is already taking steps to open its platform to these jurisdictions.

“The timelines vary for each state, but we are engaged in active and productive discussions with state regulators,” explained a representative from the said exchange.

Binance US is also mulling over the possibility of implementing the same for other cryptocurrencies, although it has not mentioned any other specific details yet.

In other news, Bitcoin is struggling to maintain its price at $20,000 after a bloody weekend that saw its decline to as low as $17,760.77, according to CoinGecko. At the time of writing, Bitcoin is changing hands at $20,318.63.

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