Binance stops free BTC trading, excluding pairs with stablecoin TUSD

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.

Binance stops free BTC trading, excluding pairs with stablecoin TUSD

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).

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.

1H chart of TRU/USDT pair on Binnace exchange at 02:00 PM on 03/15/2023

Synthetic Kyptos

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