Binance Frees Crypto Trading Fees in Developing Countries But Only in Latin America and South Africa

Binance frees trading fees on its platform. (Photo; Doc. News ABC CBN)

JAKARTA – Binance, the world's leading crypto exchange, decided to eliminate cryptocurrency trading fees on its platform. Binance's decision to expand its no-fee trading promotion to emerging markets shows great potential in increasing crypto trading on its platform.

Binance, one of the leading cryptocurrency exchanges, has announced the expansion of its no-fee trading promotion to three new spot trading pairs. The move follows previous decisions to impose similar promotions on trading with foreign stablecoins, such as TrueUSD (TUSD) and First Digital's FDUSD.

In their blog post on Thursday, September 7 Binance revealed that platform users now have the option to trade Bitcoin (BTC), Ether (ETH), and Tether's USDT stablecoin for Argentine pesos, Brazilian reals, and South African currencies on the spot market. What's interesting is that users can do this without any creator fees.

This decision takes effect immediately from September 8 and covers eight spot trading pairs, namely BTC/ARS, USDT/ARS, BTC/BRL, ETH/BRL, USDT/BRL, BTC/ZAR, ETH/ZAR, and USDT/ZAR.

Binance's actions are likely directly related to the regulatory pressure the exchange has faced in the US and Europe. This pressure has resulted in a decline in trading volumes to the lowest level since 2019, as well as a significant decline in revenue.

In this situation, Binance has taken important steps, such as closing the Connect trading service and stopping the issuance of Binance debit cards in the Middle East and Latin America. In its efforts to overcome these challenges, Binance is looking for new opportunities in emerging markets.

Recently, a report from Chainalysis showed that developing countries are leading the way in crypto adoption. This is normal, considering that the financial system in many developing countries is not always stable.

Therefore, residents in these countries are looking for digital assets as a store of value or to protect themselves from local currency volatility. By expanding into these markets, Binance may succeed in creating new opportunities and helping the growth of the crypto ecosystem in developing countries.