As crypto trading volumes slide to their lowest since 2019, impacting revenue, Binance aims to revitalize its position by introducing zero-fee trading promotions for the Argentine, Brazilian, and South African currency spot trading pairs.
Starting Friday, Binance enthusiasts will have the privilege to trade prime cryptocurrencies, including bitcoin (BTC), ether (ETH), and Tether’s USDT stablecoin, against the Argentine peso, Brazilian real, and South African rand. This spot market trading will exempt users from any maker fees, as detailed in a blog post released on Thursday. In trading terminology, makers place orders and await their fulfillment, whereas takers snap up available orders, effectively eliminating liquidity.
The promotional move by Binance is strategic as the exchange grapples with regulatory hurdles in the U.S. and Europe. The present downturn in crypto trading volumes has notably strained its income channels.
In a bid to concentrate on its primary offerings, Binance recently closed down its crypto payments wing, Connect. The exchange has also retracted its intentions of rolling out branded debit cards in regions like Latin America and the Middle East.
This push towards enticing trade using emerging market currencies aligns with data indicating that developing nations are at the forefront of crypto adoption. According to a study by Chainalysis last year, fragile financial systems in countries such as Argentina have driven its inhabitants to rely on digital assets either as a value store or a hedge against local currency fluctuations.
Earlier this year, Binance also rolled out a zero-fee trading incentive for off-shore stablecoins like TrueUSD (TUSD) and First Digital’s FDUSD.