Binance stops offering BTC trading fees, but still applies to BTC/TUSD pairs. This move pushed the TRU price up nearly 20% within an hour.
Like Kyptos reported in July 2022, Binance started free BTC trading with 13 spot pairs in celebration of its 5th birthday. This program quickly pushed Bitcoin trading volume on the “pillar” exchange but also generated a lot of criticism against Binance.
However, the floor has maintained this fee of 0 dong since then. But on March 15, 2023, Binance suddenly announced to stop free BTC trading but excluding pairs with stablecoin TrueUSD (TUSD).
⏰ #Bitcoin trading is still zero-fees on #Binance.
However, we’re making some changes – BTC/TUSD will be the only zero-fee spot trading pair starting from March 22 at 00:00 UTC.
— Binance (@binance) March 15, 2023
Specifically according to Notificationcurrently only BTC/TUSD pair is free spot, the remaining pairs all start to apply standard transaction fees from 7:00 AM on 22/03/2023Hourly Vietnam.
This move further shows that Binance is “pivoting” to stablecoin TUSD after shedding its relationship with BUSD because of Paxos legal troubles with US authorities.
Before that, Binance also issued a large amount of stablecoin TUSD in a short time and put TUSD in many trading pairs on the exchange.
The TRU token price of the TrueFi lending protocol also increased sharply, although in fact this project is not too “related” to TUSD, just “used to be” products of TrueFi Protocol.
As can be seen in the chart below, the price of TRU “builds up” within 1 hour of the exchange’s announcement. TRU is currently trading around $0.14, up 18% in the past 24 hours.