Binance CEO Changpeng Zhao (CZ), who often implements features based on community feedback, is looking into investor sentiment about the platform’s trading fees. He asked investors about their interest in trading on Binance with no fees. And the answer was of course – no fees.
Zhao highlighted some of the issues it might sprout in the process, such as wash trading. Washing trading is an illegal process of buying and selling the same financial assets at the same time to manipulate the market. It can be used to go up the VIP tiers on Binance. CZ said bringing 0-fee trading to the customers requires the crypto exchange to put in place numerous safeguards like detection tools for identifying illegitimate traders.
65.5% of around 30,600 respondents on CZ’s poll want no fee whatsoever. Binance founder says he is open to implementing the changes irrespective of the challenges that it would bring. He said Binance listens to its users.
Meanwhile, Binance continues to expand across the world as it steadily acquires registrations and operational licenses from regulators. Moon Tech Spain, Binance’s Spanish subsidiary, is registered as a VASP by Spain’s central bank. Zhao shared this as the company’s continued commitment to protecting users. He outlined that effective regulation is essential for the widespread adoption of cryptocurrencies. Binance has invested significantly in compliance and introduced AMLD 5 and 6 compliant tools and policies. This ensures that the crypto exchange remains the safest and most trustworthy in the industry.