The program, which began in the United States last month, is now being introduced to the global clientele of the crypto exchange with the largest trading volume in the world.
Binance will eliminate all trading costs for bitcoin (BTC) globally on July 8, the company announced, ratcheting up competition with other cryptocurrency exchanges as it marks its fifth anniversary.
Binance said on Wednesday that trading costs would be eliminated for 13 stablecoin and fiat pairs, including BTC/USDT, BTC/USDC, and BTC/BUSD.
The fee reduction is an expansion of a scheme that the biggest cryptocurrency exchange in terms of volume launched in the US last month. The new zero-fee trading will go into effect on July 8 and continue until further notice as the exchange celebrates its fifth anniversary this month.
Exchanges like Binance have been looking for strategies to draw and keep customers on their platforms since the crypto bear market started in order to maintain a solid share of the shrinking market.
Changpeng Zhao, the CEO of Binance, said in a statement that his firm has always worked to provide the most competitive fees in the market and that by launching zero-fee trading for a number of Bitcoin pairings, it is hoping to give back to the community.