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• Binance users can now make spot bitcoin trades for the US dollar and stablecoins
Shares of Coinbase Global (NASDAQ: COIN) fell more than 7% Wednesday after rival crypto exchange Binance.US said it will introduce zero-fee trading for bitcoin.
Binance.US said it will allow users to make spot bitcoin trades for the US dollar and stablecoins tether, USD Coin, and Binance USD without paying spot trading fees.
The zero-fee trading concept was first introduced by Robinhood (NASDAQ: HOOD), a few years ago. It put a dent in the retail investing world as major stock brokerages shifted to commission-free online trading, including Charles Schwab, Fidelity Investments, E*Trade Financial, Ally Invest, and Interactive Brokers.
Binance’s decision comes as the cryptocurrency market witnessed a bearish period, amid a broader sell-off in risk assets that’s been taking place all year.
Last weekend, bitcoin hit a new 2022 low, falling below the $18,000 level for the first time since December 2020, leading to a decline in trading volumes on crypto exchanges.
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Source: Binance