The cryptocurrency exchange giant Binance has announced a new loyalty program for its users. The news coincides with them reducing the BNB discount rate as per their white paper.
Binance Reduce BNB Discounts, Introduce New Fee Structure
Since their launch this time last year, Binance offered its users unique savings if they used their own token (BNB) to pay for trading fees.
According to the firm’s white paper, the BNB token will allow eligible traders to receive discounts on the fees the platform charges for facilitating trades for their first four years. During their first year of operation, this saving was a massive 50%. As of August 20, it’s set to halve. It will remain at 25% until this time next year.
However, at the same time as reducing their discount program, Binance are introducing a tiered system of fees much like the one at the Winklevoss twin’s exchange Gemini. From August 21, the trading fees paid by users will depend on their balance of BNB tokens, as well as their trading volume over the previous month. The highest volume traders can expect to pay as little as 0.02% as a market maker and 0.04% as a taker.
The news was announced via a blog post to the exchange’s support section. It reads:
“… to show our appreciation for the continuous support received from our users, Binance will introduce a new Tiered Trading Fee Discount Program starting (and applicable) from 2018/07/21 01:00 AM (UTC)…”
This is followed by a breakdown of the initiative as seen below.
Thanks to their generous trading fees and promotions like the one announced today, Binance has quickly become a favourite venue for cryptocurrency trading. They consistently take the number one spot in terms of 24-hour trading volume over all digital assets at CoinMarketCap.
It’s been an eventful first year for Changpeng Zhao’s exchange. In just twelve months, its gone from ICO to being named the largest cryptocurrency trading platform on the planet. The exchange is also slated to make over $1 billion in profits in 2018 alone.
The platform is currently involved in efforts to found the world’s first decentralised bank in Malta. It also recently opened accounts on the island nation, presumably as part of its plan to move there and offer fiat to cryptocurrency payments.
Additionally, Binance recently opened Binance Uganda where they’re able to offer the buying and selling of digital assets using traditional currency. With their efforts in Malta, it seems that the exchange giant are making all the right moves to extend the service elsewhere in the coming months.
Featured image from Shutterstock.