Binance, a major player in the cryptocurrency exchange market, has recently announced a new promotional offer that allows for zero-maker fees when trading its stablecoin TUSD. The promotion is set to take effect on June 30, 2021, and will be available for both spot and margin trading for TrueUSD. The offer applies to all new and existing USD stablecoin pairs on Binance spot and margin markets.

However, standard taker fees will still apply to TUSD spot and margin trading pairs. Maker and taker fees provide a transaction rebate to traders who provide liquidity to the market (maker) while charging traders who get that liquidity (taker).

BUSD Zero Maker Fee Promotion Extension

Binance has also announced an extension of the BUSD zero maker fee promotion for another six months, now ending on December 31, 2023. The promotion applies to both new and existing BUSD spot and margin trading pairs, except for BTC/BUSD, BNB/BUSD, and ETH/BUSD. Standard taker fees will still apply to BUSD spot and margin trading pairs. The promotional offer does not apply to BUSD-margined futures contracts on the Binance exchange.

Background on TUSD Adoption

Binance’s adoption of TUSD is not a surprise. The company began using TUSD after encountering regulatory issues related to its native BUSD stablecoin. On June 10, TrueUSD stopped minting the stablecoin through Prime Trust. Binance reportedly minted around $1 billion TUSD on the Tron network, according to Arkham Intelligence. Currently, TUSD is live on 12 public chains, including Ethereum, TRON, Avalanche, BSC, Fantom, and Polygon. Despite having a smaller market cap and trading volume than USDT, TUSD has become increasingly popular due to support from Binance. TUSD, which is the fifth-largest dollar-pegged stablecoin, is issued by crypto firm ArchBlock (formerly known as TrustToken).

Regulatory Backlash

Binance’s recent announcement comes amidst increasing regulatory scrutiny. The US Securities and Exchange Commission (SEC) recently filed a lawsuit against the company and its CEO, Changpeng Zhao. Additionally, Binance is under investigation for alleged money laundering activities in France. The exchange has withdrawn its application to operate in the United Kingdom and has requested the securities regulator in Cyprus to terminate its registration.

Binance’s new zero-maker fee promotion for TUSD stablecoin trading reflects the company’s ongoing efforts to adapt to regulatory changes and to remain competitive in the cryptocurrency exchange market. Despite the increasing regulatory backlash, Binance continues to innovate and offer attractive trading options to its users.

Blockchain

Articles You May Like

The US Banking Industry Faces Challenges Amid Growing Concerns of Credit Tightening and Bank Failure
U.S. House Committee Demands SEC Chair Respond to Inquiries
New Meme-Coin Pepe Enters Sharp Correction Phase
The Rise of $SPONGE Token: Could It Be the Next $PEPE Coin?

Leave a Reply

Your email address will not be published. Required fields are marked *