Binance, the world’s largest crypto exchange, has ended free trading of the asset after the explosive price growth of BTC. That’s not all, as there will be changes in the BUSD stablecoin regarding the free maker fee for now.
The market-leading trading platform announced today, March 15, that it will cancel free trading for Bitcoin until now. The advantage in question, which made BTC even more attractive to investors, is transferred by Binance to TUSD stablecoin.
The cryptocurrency exchange in an official announcement notified its customers about the changes that will come into effect soon. Starting March 22, the only free trading pair will be BTC/TUSD. However, the free maker fees will still be in effect for the BNB/TUSD and ETH/TUSD pairs.
Is Binance not looking favorably on the increase in the price of BTC?
“In light of the current market situation, we are changing the cost-free trading of BTC to BUSD to TUSD. Extend liquidity to multiple trading pairs. We are currently working on perfecting this process. Binance aims to be an open and free platform”said Binance CEO Changpeng “CZ” Zhao.
In addition, CZ clarified that the crypto exchange does not want to list a new stablecoin, and even aborts the BUSD project. From now on, the Binance USD 0% maker fee discount will not apply to BTC/BUSD, BNB/BUSD and ETH/BUSD trading pairs, but will continue to apply to other pairs.
Following the announcement, the price of the TRU (TrueFi) token jumped 20% as users believed it was still linked to TUSD. However, Zhao dispelled doubts and informed investors about the misinformation.
It seems that in the future, Binance will focus on promoting TUSD, which has a relatively low market capitalization. By the way, the crypto community welcomed the change and expressed its support via Twitter.
The price of Bitcoin is currently below $25,000 after crossing the $26,000 mark on Tuesday. At the time of writing, BTC is trading at $24,930, up about 2% from yesterday.
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