Binance.US customers can trade bitcoin for free
A zero commission is introduced on the world’s first cryptocurrency trading pairs with the U.S. dollar and three stablecoins. Coinbase shares collapsed by 7% after the crypto exchange announced this news.
According to Bloomberg, the U.S. branch of the cryptocurrency exchange Binance announced on June 22 that it would introduce a zero commission on bitcoin trading against the U.S. dollar and three stablecoins, namely, Tether (USDT), USD Coin (USDC), and Binance USD (BUSD).
Dan Dolev, an analyst at Mizuho Securities, believes that such a step will increase pressure on other cryptocurrency exchanges, such as Coinbase. The expert said that Coinbase would also have to reduce fees once competition intensifies.
On June 21, stocks of Coinbase Crypto Exchange (COIN) were quoted at $58. On the morning of June 22, papers showed a decline of 7.2% to $53.82, and during the day, the share price of the crypto exchange regained its value to the level of $56.
On June 15, cryptocurrency exchange Coinbase announced about 1.1 thousand staff layoffs, reducing headcount by 18%. Staff reorganization is done to maintain business stability during the economic downturn.
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