Bitcoin trading fees have been set to zero by Binance CEO Changpeng Zhao (CZ). For any of the 13 BTC spot trading pairs on Binance, there are no longer any maker or taker fees.
Critics also harbour suspicions
This unusual choice has been made in the midst of a challenging bear market. Some have expressed doubt about this choice, claiming that Binance took out a sizable debt to develop this functionality, and that this will hurt Binance in the same way that Celsius, 3AC, Voyager, BlockFi, and other bankrupt platforms have in the past. However, CZ rebuffed this.
Claims of Self-Sufficient Reserve by CZ
CZ asserts that Binance has the biggest reserves ever, which may last for many years, and it owe no external debt, therefore he is able to offer a Zero Fee in an effort to relieve the burden on Bitcoin trading.
Finally, he mocked the mock.
CZ has responded even more directly and sarcastically by implying about Struggling CEOs and his own.
This illustrates the current predicament where CEOs of numerous bankrupt platforms are pleading for assistance from others, while Binance CEO CZ recently met with President Alassane Dramane Ouattara of Cote d'Ivoire. Prior to this, CZ had meetings with the presidents of Kazakhstan and El Salvador.
Thoughts
The introduction of zero fees for Bitcoin trades on Binance, the largest exchange platform, has indirectly posed a challenge to surging Billionaire SBF and his exchange platforms FTX and Alameda.
