Binance.US follows in the footsteps of Robinhood which pioneered no-commission crypto trading in 2018. The move makes the company the first U.S. crypto exchange to eliminate spot trading fees for Bitcoin for all users and without trading volume requirements. Binance.

Shares in rival U.S. exchange Coinbase fell 9.71% on Wednesday, going down to $51.91 per share. The news of increased competition on fees puts pressure on its competitors to do likewise. “We see this as an opportunity to revolutionize the way fees are approached in our industry, increase accessibility to crypto, and better support our market and customers in a time of need,” Shroder said.

Robinhood (HOOD), which is already at all time low prices, saw its share price stay relatively stable (-0.79% to $7.49 at the time of writing) Binance.US would not be earning a spread from its no-fee transactions, and would instead be generating revenue from other sources.

Users of the U.S.-licensed exchange can take advantage of fee-free trading on four Bitcoin spot market pairs. Shroder added that the company will also be rolling out a new tiered pricing model, which will go into effect in the summer. The tiered system will be split into three parts, Tier 0, Tier 1 and Tier 2.
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