Binance volumes skyrocket after the zero trading fee policy was implemented on the platform and as a result, the CEO Changpeng Zhao said the platform will make changes to remove all of the incentives to wash trade so let’s read more today in our latest Binance news.
The binance volumes skyrocket after rthe global zero trading fee policy went live on Friday morning. The zero trading fees across the world for 13 pairs at binance as the world’s biggest exchange by volume started on Friday and the move caused and explosion in trading at the exchange with BTC/Tether spot volume surging to 320,000 coins in a few hours. The exchange didn’t see the volume this high for a full day since March 2020.
The Binance CEO Changpeng Zhao attributed the surge to people that tried to gain VIP tiers via high trading volumes and Zhao added:
“We will exclude BTC trading from VIP calculations. Remove all incentives to wash trade. Announcement with details coming shortly.”
The exchange made the zero-fee announcement with the plan becoming effective on Friday which was Binance’s fifth anniversary:
“With the onset of the crypto bear market, exchanges like Binance have been seeking ways of attracting and retaining users on their platforms to ensure their slice of the depleted pie remains healthy.”
As recently reported, Binance CEO Changpeng Zhao is cracking down on wash trading that is happening on the platform after the company’s decision to remove fees for BTC spot trades. Bitcoin Wash Trading is when the traders sell and buy the assets from themselves or make fictitious trades like the NFT marketplaces LooksRare which sees plenty of wash trading because of the LOOKS token which is earned by using the site. The community-managed at Mandala Exchange noticed that a large volume of BTC was traded in a short period of time but the BTC price barely changed. This suggested that a huge number of traders were buying and selling which kept the price stable.
Binance issued an announcement for 13 different bitcoin spot pairs from the VIP tier benefits and the spot liqudity provider program. The changes were made to brign a fair trading environment for the users.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com
Discussion about this post