Cryptocurrency exchange Binance announced that it would charge zero fees for trading Bitcoin for BUSD and TUSD currencies.
Binance Announces Free Bitcoin Trading with TUSD
According to the statement made by the cryptocurrency exchange, there will be zero fees for BTC/TUSD and BTC/BUSD trading pairs. However, BNB/BUSD, BTC/BUSD, and ETH/BUSD trading pairs will not be included in the zero-fee program.
BTC/AUD, BTC/BIDR, BTC/BRL, BTC/BRL, BTC/BUSD, BTC/EUR, BTC/GBP, BTC/RUB, BTC/TRY, BTC/UAH, and BTC/USDT trading pairs are not covered by the zero-fee program and will continue to pay standard trading fees.
Is BUSD Collapsing?
Cryptocurrency exchange Binance’s own stablecoin BUSD is experiencing a massive loss. Last month, investors sold more than $6 billion worth of BUSD after regulations for the BUSD stablecoin. Investors’ withdrawal of money from BUSD is linked to the de-peg issues that came with the collapse of Silicon Valley Bank, strict policies from US market regulators, and sanctions on BUSD by the New York Department of Financial Services.
Paxos Ordered to Stop Minting BUSD
With the collapse of the cryptocurrency exchange FTX, US market regulators have tightened controls on digital currencies. Recently, however, the SEC sued BUSD issuer Paxos. Following the lawsuit, the New York Department of Financial Services ordered Paxos to stop minting BUSD.
As a result, Coinbase first removed BUSD trading from its exchange. Many investors then withdrew their money from BUSD, while the cryptocurrency exchange came under fire. As a result of investors withdrawing their money, BUSD lost more than a quarter of its value.
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