By Nathan Ferguson
Crypto as well as conventional investors categorize the trading charges among the most important obligations in the terms of exchange-based investments. Hence, the CEO and founder of Binance – Changpeng Zhao – asked if the investors were interested in trading over the prominent crypto exchange without paying any fees. The clients’ response was straightforwardly affirmative notwithstanding the hazards involved in such trading that the entrepreneur pointed toward.
Binance CEO Offers Zero Trading Fees To Traders
Binance occupies the status of being the largest exchange of cryptocurrency, outcompeting its closest platform FTX by up to 10x so the trading volume is concerned. Zhao, while considering the implementation of the features proposed in the feedback of the community, turned toward his official Twitter account to measure the overall sentiment of the Binance user base concerning the complete elimination of the trading charges.
Though crypto trading without any fee appears to be remarkable for investors, some problems have been brought to the front by CZ that may take place during the respective procedure, and wash trading is one of those. Wash trading is an illegal activity where a consumer makes several consecutive sales or purchases to control the market operation. There is a great chance for this illicit activity to additionally be utilized on Binance.
Binance To Enact Various Security Checks Also
In addition to this, the Binance CEO mentioned that for the employment of zero-fee trading for the common masses Binance will require to enact several security checks, which take into account the detection instruments to identify illegal trades. Each of the VIP tiers is connected to some particular trading advantages such as lower trading charges. As a consequence, Brian Rast – a professional player of poker – inquired about any need for VIP tiers in the case of zero fees.
More than 30,600 of the investors have polled their votes up till now while among them up to 65.5% were in the favor of no-fee trading. Changpeng Zhao is willing to do whatever the decision final decision of the Binance community is. Binance keeps on expanding throughout the world along with the steady requirements put on it to take registrations as well as the functional licenses from the watchdogs.
Moon Tech Spain – the Spain-based subsidiary of Binance – received its VASP registration on Thursday from the central bank of the country. The respective move was described by the CEO of the exchange as further advancement in the intention of Binance to secure the consumers.