Binance attempts to boost its use in emerging markets with special promotions.
Binance, a leading cryptocurrency exchange, is upping its game by rolling out a fee-free trading initiative targeting key currencies in emerging markets.
Starting September 8th, users can trade Bitcoin (BTC), Ether (ETH), and Tether (USDT) without maker fees when paired with the Argentine peso, Brazilian real, and South African rand.
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In a recent blog post, the crypto exchange clarified that the no-fee offer is applicable for maker orders, which are orders that add liquidity to the market. This contrasts with taker orders that remove liquidity by matching available orders instantly.
This strategic decision comes at a challenging time for Binance, which has been grappling with legal hurdles in the United States and Europe.
Moreover, the crypto industry has been experiencing low trading volumes, the lowest since 2019, impacting revenue across the board. Last month, Binance discontinued its Connect crypto payments service to double down on its core offerings and also pulled out from offering branded debit cards in Latin America and the Middle East.
However, this move aligns with growing crypto adoption trends in developing economies. These countries, particularly those with unstable financial systems like Argentina, have shown a greater tendency to embrace digital assets as a value storage tool.
Earlier in the year, Binance also waived fees for trades involving offshore stablecoins like TrueUSD (TUSD) and First Digital (FDUSD). The promotion now extends to include more currencies, further diversifying the options available to traders.
Binance is betting on boosting its user base and transaction volumes by facilitating fee-free trading with specific emerging market currencies. Whether this move will be enough to offset the challenges posed by the regulatory landscape and sluggish market remains to be seen.