Binance introduces no-fee trading for Ethereum

Binance, one of the major crypto exchanges, has introduced free-fee trading for ETH. Its users will be able to trade for free from BUSD to ETH, the exchange’s native token, starting this week. Binance users will get fee waiver for one month. Earlier, the exchange had also waived trading fees for Bitcoin, the largest cryptocurrency by market capitalization, last month.

Binance launched zero-fee trading with its US subsidiary in June. It abolished fees to increase the number of users and reduce the market share of rival exchange Coinbase. Coinbase has more users than Binance in the US. With cryptocurrencies falling in prices over the past few months and declining interest in this segment, exchanges are looking for new ways to retain their users. It remains to be seen whether this decision by Binance leads to a competition to remove fees among crypto exchanges. Stock trading app Robinhood started by not charging fees on trading. After this, many brokerage firms had to give exemption in fees.

Recently, Binance Chief Executive Officer Changpeng Zhao filed a defamation case against the Chinese subsidiary of news agency Bloomberg. Changpeng has dragged Bloomberg’s subsidiary Modern Media Company to court over an article on the Ponzi scheme.

Binance’s legal team claims that this article has caused embarrassment to Changpeng. There are reports that Changpeng has asked Modern Media Company to formally apologize for publishing offensive comments against him. Although the title of this article has been changed after the defamation case was filed, there are screenshots of the original title of this article written in Mandarin on social media. In addition, Lawyers filed a separate case against Bloomberg in the US, alleging editorial acknowledgment of defamatory allegations. There has been no comment from Bloomberg on the matter. Binance has filed defamation cases against some firms in the past as well.

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