The crypto exchange promotion comes as trading volumes plummet to four-year lows, hurting the exchange’s revenue stream.
Binance, the cryptocurrency exchange, has announced extending its zero-fee trading promotion to include currency spot trading pairs in Argentina, Brazil, and South Africa, effective this Friday.
Binance users can now engage in spot market trading of bitcoin (BTC), ether (ETH), and Tether’s USDT stablecoin against the Argentine peso, Brazilian real, and South African rand without paying maker fees, as explained in a recent blog post. Makers initiate orders and await their execution, while takers reduce liquidity by executing existing orders.
Binance’s decision coincides with the exchange encountering legal and regulatory hurdles in the United States and Europe. Additionally, cryptocurrency trading volumes have reached their lowest point since 2019, negatively impacting the company’s revenue streams.
In the previous month, Binance opted to shut down its crypto payments service, Connect, with a focus on its primary offerings. Furthermore, the exchange has withdrawn from issuing branded debit cards in Latin America and the Middle East.
The exchange’s decision to enhance cryptocurrency trading with emerging market currencies is logical, given that a Chainalysis study from the previous year highlighted the strong crypto adoption in developing nations. In countries with vulnerable financial systems, such as Argentina, a growing number of individuals are turning to digital assets to preserve wealth and protect against fluctuations in the local currency.
Earlier this year, Binance also extended its zero-fee promotion to trading with offshore stablecoins TrueUSD (TUSD) and First Digital’s FDUSD.