Binance US reduces the withdrawal fee for BTC by 60%

Binance US reduces the withdrawal fee for BTC by 60%

All trading costs on the USD, USDT, USDC, and BUSD spot markets have been eliminated by Binance US.

Additionally, the cost of withdrawing bitcoin has been reduced by as much as 60%.

Later, there might be no trading fees for some altcoins.

The American division of the massive international exchange Binance has eliminated fees for trading Bitcoin on its exchange for spot pairs such USD, USDT, USDC, and BUSD.

The news spread quickly throughout different crypto forums, and some speculated that there would be a "fee war" between exchanges as a result. Currently, only two platforms—Binance US and Robinhood—offer fee-free trading to American customers. Robinhood was the first platform to do so.

In addition, the exchange has lowered the charge for withdrawing Bitcoin by up to 60%, according to Brian Shroder, CEO of Binance US.

Not every US user has access to Binance US's services. Due to regulatory constraints, Binance US specifically excludes residents of New York, Texas, Vermont, and Hawaii from its services. The exchange is, however, already making preparations to make its platform accessible to these regions.

A spokesman from the exchange said, "The timescales differ for each state, but we are involved in active and fruitful negotiations with state authorities." Although it hasn't yet provided any more specifics, Binance US is also considering the potential of applying the same for other cryptocurrencies.

In other news, according to CoinGecko, Bitcoin is battling to hold onto its price of $20,000 after a violent weekend that witnessed a drop as low as $17,70. Bitcoin is currently worth $20,650 at the time of writing.