-
NFL and Crypto’s Growing Entanglement - 7th December 2021
-
Gambling with NFTs and Crypto - 17th June 2021
-
What Exactly is Bitcoin Mining? - 26th April 2021
-
Cryptocurrencies Over The Past Three Years - 12th March 2021
-
Online Crypto Gambling in Canada - 3rd March 2021
-
Some Tips on Crypto - 2nd March 2021
-
Where Does Ripple Fit Into The History of Money? - 2nd March 2021
-
Bitcoin Trading Tips - 4th February 2021
-
The Top Trends In The Fintech Sector In 2021 - 29th December 2020
-
What You Need To Know When Trading Stablecoins - 19th December 2020
Binance Marks its First Birthday … with an Increase in User Fees
By any standards, Binance has had an extraordinary year. From a standing start it now regularly tops the exchange rankings for highest trade volumes and may be the best known and most influential crypto-exchange of them all, at least as far as traders in Europe and the US are concerned.
With domination achieved, Binance is applying a new fee structure, adhering to plans laid out in its original white-paper. And it is not good news for traders.
BNB fee reductions slashed
Users of the exchange receive large discounts on trading fees if they pay in Binance Coin (BNB). For the first year of trading these reductions amounted to fully half of the platform’s standard fees. This has now been halved for the second year of operations on the Binance platform, with the BNB-based trading discounts reduced from 50% to 25%.
However, whilst the utility of BNB ownership may have declined, Binance is still committed to other strategies which maintain the token’s inherent value. Under the exchange’s “Buyback & Burn” scheme, “20% of Binance’s profits each quarter are dedicated to buying back BNB and destroying them.” This will continue until half of all Binance coin has been systematically destroyed, “lowering the supply of BNB while demand continues to rise.”
New Fee Structure
Binance are also offering a new “Tiered Trading Fee Discount Program” which kicks in on the 21st July. Highest fees will be paid by users with a 0 BNB balance whose trading volume over the last 30 days is lower than 100 BTC. Greater volume and BNB balances will take users up a VIP scale: at the 8th VIP tier, trade makers will only be charged 0.02%.
If you want to breathe that rarefied air you may need to up your trading. Those fees are only offered to customers with BNB balances over 11,000 ($143,000 at current prices) and 30 day trading volumes surpassing 150,000 BTC (over $1 billion at current prices).