Binance, a leading cryptocurrency exchange, has introduced a new promotion that eliminates maker fees for TrueUSD (TUSD), a stablecoin. The offer will be effective from June 30 and will apply to both spot and margin trading of TUSD. All existing and new USD stablecoin pairs on Binance’s spot and margin markets are eligible for this zero trading fee promotion. However, standard taker fees will still apply to TUSD spot and margin trading pairs. Maker and taker fees are transaction rebates that reward traders who provide liquidity to the market (maker) while charging those who use that liquidity (taker).
Binance Expands BUSD Zero Maker Fee Offer
Binance has revealed that it will be prolonging the BUSD zero maker fee promotion until December 31, 2023. This extension applies to both new and existing BUSD spot and margin trading pairs, with the exception of BTC/BUSD, BNB/BUSD, and ETH/BUSD. Regular taker fees will still be enforced on these BUSD spot and margin trading pairs.The most recent announcement states that the promotion is not valid for futures contracts on the crypto exchange that are margined with BUSD.The most recent promotional deal for TUSD trading pairs was not unexpected, as Binance had previously faced regulatory issues with its own BUSD stablecoin and had adopted TUSD. On June 10, TrueUSD stopped minting the stablecoin through Prime Trust, and Binance reportedly minted approximately $1 billion TUSD on the Tron network. TUSD is currently available on 12 public chains, including Ethereum, TRON, Avalanche, BSC, Fantom, and Polygon. Despite having a smaller market cap and trading volume compared to USDT (with a market cap of $3.1 billion versus USDT’s $83.1 billion), TrueUSD has gained popularity due to support from Binance. ArchBlock (formerly known as TrustToken) issues TUSD, which is the fifth-largest dollar-pegged stablecoin in circulation.
Binance, the crypto exchange with the highest trading volume globally, is facing regulatory backlash in various countries. The latest development comes as authorities increase their scrutiny of the platform. The US SEC recently filed a lawsuit against Binance and its CEO, Changpeng Zhao. Furthermore, French authorities are investigating the exchange for suspected money laundering activities. Binance has also withdrawn its application to operate in the UK and requested that Cyprus’ securities regulator cancel its registration.