Binance Promotes Bitcoin and Ether Trading in Argentine, Brazilian, and South African Currencies with Fee Boost
In response to dwindling trading volumes, which have reached their lowest point in four years, impacting the exchange's revenue, Binance has announced an expansion of its zero-fee trading offer. This promotion will now cover spot trading pairs involving the Argentine peso, Brazilian real, and South African rand, commencing this Friday.
Under this arrangement, Binance users can engage in the trading of bitcoin (BTC), ether (ETH), and Tether's USDT stablecoin against the mentioned currencies without incurring maker fees. Makers place orders and await their fulfillment, while takers execute existing orders, removing liquidity from the market.
This strategic move comes at a time when Binance grapples with legal and regulatory hurdles in the U.S. and Europe. The global crypto trading volumes have hit their lowest levels since 2019, posing challenges to the exchange's revenue streams.
Recently, Binance made the decision to shutter its crypto payments service, Connect, redirecting its focus towards core products. Additionally, it withdrew from the issuance of branded debit cards in Latin America and the Middle East.
The decision to bolster crypto trading with emerging market currencies aligns with a Chainalysis study from last year, which highlighted the leading role of developing countries in crypto adoption. In nations with fragile financial systems like Argentina, a growing number of individuals are turning to digital assets as a means of storing value or mitigating against local currency volatility.
Binance had previously extended its zero-fee promotion to include trading with offshore stablecoins TrueUSD (TUSD) and First Digital’s FDUSD earlier this year.