‘We Don’t Brag About Numbers; We’re the Largest,’ Says Binance CEO


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News

  • Changpeng Zhao argued that Binance has the largest reserve in the industry, yet they don’t brag about it.
  • Binance will be implementing zero-fee trading for BTC spot pairs.
  • The Twitter community believes the latest development was in response to FTX Boss.

Changpeng Zhao, the CEO of Binance, tweeted that the exchange will launch zero-fee trading for all of its 13 trading pairs of Bitcoin (BTC) on July 8, 2022. Then a Twitter user asked the CEO how competent the exchange was to forgo a huge chunk of its revenue to BTC traders.

CEO Zhao replied, “We don’t brag about numbers,” and that the Binance exchange has “by far the largest reserve in the industry.” He went on to say, “This 0 fee is just a way we take care of our users during a tough market.”

Several people believe this latest development from Binance was in response to what the boss of a close competitor said.  Sam Bankman-Fried, the CEO of FTX, recently said their exchange has “a few billion” in its bag to support struggling crypto firms that could destabilize the digital asset sector. Some Twitter users hinted at the possibility of a ‘fee war’ among exchanges.

Although Binance US last month implemented zero fees for their Bitcoin trading service to American users. The exchange extends the largesse to all and sundry, and the decision is to “celebrate Binance’s fifth anniversary.” They said:

All users will enjoy zero maker and taker fees for all 13 BTC spot trading pairs. For VIP users: 30-day volume calculation of these 13 BTC spot trading pairs for Trading Fee Level will not be affected.

Maker volume calculation of spot liquidity provider program of these 13 BTC spot trading pairs will not be affected. Likewise, the 13 BTC spot trading pairs will be excluded from BNB fee discounts, fee rebates, or any other form of fee adjustments or fee promotions. The offer is valid from July 8 “until further notice.”

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