Binance DEX Slashes Trading Costs, Reducing Fee Structure by 50% After Latest BNB Price Spike

  • Malta-based digital asset exchange Binance had launched a non-custodial crypto trading platform a few months back.
  • Binance, the world's largest exchange in terms of trading volume, has decided to reduce transactions fees on its decentralized crypto trading platform (DEX).

Voting For Lower Fees On Binance's Non-Custodial Exchange

One of the most exciting products that have launched in the cryptocurrency world in the last few months is Binance DEX, which is Binance’s decentralized exchange. Since its launch, the exchange has received a lot of praise from users and others within the industry.

Now Changpeng Zhao (“CZ”), the CEO of Binance, has announced that Binance DEX will be making some new changes and adjustments. According to a blog post, there was a recent surge recorded by BNB and as a result, the validators of the network collectively voted for a lowering of the fee structure and this led to a reduction in fees by about 50 percent. The changes in question were implemented and the first block will become active after June 13, 2019.

This development is quiet beneficiary to Binance's a larger customer base can be drawn towards the platform since the low fees will encourage people to join and this, in turn, this will help crypto adoption.

Details About The Development

Official details have been released and fees have been lowered to 0.000375 BNB from 0.000625 BNB. Burn access fees were also reduced to 0.5 BNB after previously being 1 BNB. Listing fees also dropped to 1000 BNB after being 2000 BNB previously. A reduction was also seen in the IOC fee, multi-send and freeze/unfreeze fee. This is a deliberate effort to attract customers who are currently making use of other exchanges that offer higher fees and there has already been a response from them.

HitBTC, for example. has been criticized by the crypto community on Twitter for their own high fees, particularly in comparison to Binance fee structure.

“HitBTC fees are insanely ridiculous. Also… HitBTC is a SCAM!” A Twitter user said.

“Yup. hitbtc your fees are asinine. I no longer trade there. Another Cryptopia waiting to happen,” said another.

The Battle Of The Fees

What is peculiar about the crypto industry is that there is somewhat of an ongoing war to achieve the lowest possible fees for various transactions among crypto companies. For example, cross-border transactions have been traditionally quite pricey but cryptocurrency companies have found a way to transfer even millions of dollars while charging little in transaction fees.

This has led to this payment processing method being picked up by a number of bigger firms such as Ripple and R3 being adopted by larger companies for cross-border transactions. It also makes them much more appealing to users who want to take advantage of the low fees being offered.

This is somewhat the case with Binance as them choosing to reduce they are transaction fees by such a great amount will help them in acquiring customers who might have previously opted for one of their competitors. In all, crypto consumers have the most to gain as they will be able to access much many more services for low prices.

It also has huge implications for the future of even traditional finance as if the crypto industry is able to achieve the adoption it seeks and is on the level to compete with mainstream financial firms, a lot of consumers with likely opt for crypto companies as they are looking to reduce transaction fees across-the-board and not increase them.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Tokoni Uti
Tokoni Uti
Tokoni Uti is a Lagos-based writer with several years of experience. Her work has appeared in the Huffington Post, the Los Angeles Free Press and the San Diego Free press among others. She is a graduate of Bowen University.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Here’s the Larger Trend that Will Continue to Persist in the Markets

Yesterday, the bitcoin price dropped by 6.6% as it went down to $11,150. Today, the prices went down even further only to make it...

Another Unaudited ‘Zero Value' Farming Token is Taking the DeFi World by Storm & Coins Flying

The cryptocurrency world has been much faster than the traditional world, and now the DeFi space is running at a quicker pace than...

DeFi-Focused Protocol, Chia Network, Raises Another $5M in Funding Round

Chia Network, a Layer 1 focused blockchain project, has raised another $5 million in a funding round led by Slow Ventures. This latest...

Coinbase Withdraws From Blockchain Association Shortly After Binance.US Joins

Coinbase withdraws from the blockchain lobbyist group a day after Binance.US, Binance’s American wing, joined the group. In a report first published by The...

U.S Banks and Big Tech Ask the OCC for More Clarification to Issue Crypto Services

The United States Office of the Comptroller of the Currency (OCC) has received over 90 responses from various stakeholders’ in the financial services sector...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today