Binance ditches BUSD’s Bitcoin free trading for TUSD Binance ditches BUSD’s Bitcoin free trading for TUSD
Binance CEO Changpeng 'CZ' Zhao clarified that the zero fee trading option would stop on BUSD in about a week.
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Updated: Jul. 22, 2023 at 12:35 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance said it is moving its zero-fee Bitcoin (BTC) trading from Binance USD (BUSD) to TrueUSD (TUSD) on March 22.
In a March 15 statement, the exchange said BUSD’s zero maker fee would also exclude its pair with other assets like BNB and Ethereum. It added that standard trading fees would also apply to its BTC’s trading pairs, including Tether’s USDT and several other fiat currencies like the British Pounds, Australian Dollars, Euros, etc.
On the other hand, BTC/TUSD spot trading pairs would now enjoy zero maker and taker fees.
When pressed about the extent of the new policy, Binance CEO Changpeng ‘CZ’ Zhao clarified that:
“0 fee will stop on BUSD in about a week.”
In 2022, Binance introduced zero-fee trading for 13 BTC spot trading pairs. Since then, the exchange has seen a surge in its spot volumes, accounting for 62% of the industry’s total trades as of February.
CZ blames “recent events”
Meanwhile, Binance CEO Changpeng ‘CZ’ Zhao said the recent events in the crypto space swayed the firm’s decision.
In February, New York financial regulators ordered BUSD’s issuers Paxos to stop other mints of the stablecoin. Besides that, the U.S. financial regulators have taken control of several crypto-friendly banks to contain the risk they pose to the broader financial industry.
Meanwhile, TUSD has grown in leaps and bounds during the same period. The stablecoin recently saw its circulating supply cross the 2 billion mark, and its adoption has continued to grow.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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BUSD is a stablecoin issued by Paxos in partnership with Binance..
Bitcoin
$97,311.44
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Tether
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Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Tether Limited
Tether Limited is the company that introduced Tether (USD₮ or USDT), an asset-backed cryptocurrency stablecoin, in 2014.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.