Binance and CZ fight back with a motion of dismissal
Following the lawsuits against Binance from the SEC, the exchange and its CEO have filed a motion of dismissal.
Binance, one of the leading cryptocurrency exchanges, recently set the wheels in motion to revamp its zero-fee Bitcoin trading program. This strategic move has the potential to trigger a notable shift in the market landscape.
In an official announcement, Binance detailed its plans to roll out updates to the zero-fee Bitcoin trading system starting from September 7th. The primary focus of these updates is the Bitcoin/True USD (TUSD) spot and margin trading pair.
“The corresponding trading volume on the BTC/TUSD spot and margin trading pair will count toward VIP tier calculation and all Liquidity Provider programs. In addition, BNB discounts, referral rebates and any other fee adjustments will resume for BTC/TUSD spot and margin trading volumes.”
Before this adjustment, traders received zero maker and taker fees when dealing with BTC trading using TUSD pairs. However, the upcoming change will bring in a regular taker fee, which will be determined based on the user’s VIP level. Despite this alteration, users will still be able to perform Bitcoin trades on the BTC/TUSD spot and margin trading pair without incurring any maker fees.
Binance is discontinuing its zero-fee Bitcoin trading initiative for TUSD pairs, hinting at a waning preference for the TUSD stablecoin due to various concerns. Binance’s recalibration of its zero-fee Bitcoin trading approach for the BTC/TUSD spot and margin trading pair could inadvertently set off another round of market selloffs.
As per data from Coingecko, the BTC/TUSD and BTC/USDT pairs account for a significant chunk of Bitcoin trading, comprising 11% and 7% respectively. Notably, the trading volume in Tether (USDT) pairs experienced a marked decline after Binance’s earlier shift away from supporting BUSD, designating TUSD as the exclusive trading pair for zero-fee Bitcoin trading.
Now, Binance is once again diverting the spotlight away from the widely traded TUSD, this time towards the less familiar FDUSD stablecoin. At the time of writing, FDUSD is not on top 10 Bitcoin pairs by trading volume, with its market capitalisation standing at $324 million.