A poll result confirmed that the majority of the retail traders want to play with bitcoin at 0 transaction fees.
Binance is a first-ranked crypto exchange in the crypto industry, in terms of the highest trade volume on its platform. Exchange is legendary in this innovative industry because of the quality & secured crypto services. At present, the exchange is doing its best to obtain crypto licenses in almost every country to provide services with full compliance with its users.
On the occasion of its fifth anniversary, which was on 2022-07-06, the Binance exchange announced the launch of fees-free spot trading for 13 pairs of Bitcoin. It was not a permanent offer but on 9 July Binance CEO Changpeng Zhao asked through a poll from the users, whether the exchange should continue this offer for the users to allow them fees-free trading for bitcoin-stablecoin pairs or not.
A total of 66% of Binance users voted to continue this offer, which can be seen in the attached tweeted picture below.
Binance’s CEO explained the negative parts to introduce this thing. Zhao said that people may use this 0 fees trading in wash trading ( trade at zero profit and zero loss), to achieve VIP tiers to get low fees trade incentives.
Through the same tweet thread, Binance’s CEO said that the exchange will face a significant downfall in revenue but the exchange will manage that problem itself.
As a solution to prohibit wash trading, the exchange executive decided to eliminate zero fees trading from the VIP tier level reach contribution.
34% of people are against zero fees trading
It is worth noting that 34% of people voted against the zero fees trade offer and 34% is not a small number, so here Binance exchange needed to take steps in favor of all the Binance users.
It will be interesting to see, whether this offer will exist forever on the Binance exchange or not. Some reports noted that Binance may grab huge numbers of new traders on its platform due to this offer.