Binance Supercharges Bitcoin and Ether Trading in Argentine, Brazilian, and South African Currencies with Exciting Fee Promotion
Binance, the cryptocurrency exchange, has announced the extension of its fee-free trading promotion to encompass currency spot trading pairs in Argentina, Brazil, and South Africa, effective from this coming Friday.
In a recent Thursday blog post, Binance announced that its users will now have the opportunity to trade Bitcoin (BTC), Ethereum (ETH), and Tether's USDT stablecoin against the Argentine peso, Brazilian real, and South African rand on the spot market without incurring any maker fees. Makers place orders and patiently await their fulfillment, whereas takers remove liquidity by executing existing orders.
The exchange's decision coincides with Binance encountering legal and regulatory hurdles in both the U.S. and Europe, coupled with a significant decline in cryptocurrency trading volumes, the lowest since 2019, which has negatively impacted its revenue streams.
Last month, Binance made the strategic decision to discontinue its crypto payments service called Connect, redirecting its efforts towards its core products. Furthermore, the company has opted to cease issuing branded debit cards in both Latin America and the Middle East.
Enhancing crypto trading with emerging market currencies is a strategic move for the exchange, as evidenced by a Chainalysis study from the previous year. This study highlighted that developing nations are at the forefront of crypto adoption. In countries with vulnerable financial systems, such as Argentina, a growing number of individuals are increasingly embracing digital assets as a means to preserve their wealth or safeguard against fluctuations in their domestic currencies.
Earlier this year, Binance further expanded its zero-fee trading promotion to include off-shore stablecoins such as TrueUSD (TUSD) and First Digital's FDUSD.