One of the most popular cryptocurrency exchanges, Binance, announced today February the 9th, that users will see trading fees reduced 70%. The exchange has been upgrading its system after technical difficulties that resulted in significant delays. This would allow Binance to attract new cryptocurrency traders and investors that search lower fees while trading.
Binance Reduces 70% its Trading Fees
The announcement is already shaking the cryptocurrency community. In the Cryptocurrency subreddit, users are celebrating the exchange’s decision. ‘Personally, I think it’s a good move and the fact that they have been in constant communication with us has been fantastic,’ said kcman011 a Reddit user.
Binance released an announcement on its webpage that explains how the commencement of the trading process will take place.
“Binance has completed its system upgrade and we expect all trading activity to resume at 10:00 AM (UTC). In the 60 minutes prior to the commencement of trading, users will be able to cancel orders, process deposits, withdrawals, and use all other account functions.”
The company has explained that it wants to say thanks to the community that was giving support through the upgrade process. That’s the main reason why it will provide its users a 70% discount on trading fees.
“To show our gratitude for your unwavering support throughout the upgrade process, Binance will provide all users with a 70% discount on trading fees (0.03% on all trades, 0.015% with BNB) until 2018/02/24 00:00 AM (UTC). We sincerely apologize for the inconvenience and your patience is greatly appreciated.”
Binance has gained an important international attention since it has launched the cryptocurrency exchange some months ago. Its Chief Executive Officer, Changpeng Zhao, was named as one of the ‘richest people’ in the crypto industry according to Forbes. In the same list we can find Cameron & Tyler Winklevoss, Michael Novogratz, Brad Garlinghouse and Vitalik Buterin.
Cryptocurrency Exchanges Growth
Binance was the largest trading platform in the world and it is adding several hundreds of new users per hour. As reported by some webpages, Binance was even adding more than 200,000 per hour. The cryptocurrency exchange has also imposed restrictions to new sign-ups so as to avoid problems with the server.
The same has happened to other exchanges like Bittrex or Kraken. The developer teams behind these exchanges were working in order to offer a good service to the older users. Coinbase has also received hundreds of new users per day and its services were also affected.
We experienced a server issue on our replica database cluster, causing some data to be out of sync. Need to fully resync from master. Due the size of the data, it will take several hours. No data is lost. We appreciate your understanding and support.
— CZ (@cz_binance) February 8, 2018
Zhao has also explained on Twitter that despite a slowdown in the procedures to facilitate the upgrade, the integrity data was not at risk.
He wrote on Twitter:
“We experienced a server issue on our replica database cluster, causing some data to be out of sync. Need to fully resync from master. Due to the size of the data, it will take several hours. No data is lost. We appreciate your understanding and support.”
In addition to it, Binance has also refuted that the cryptocurrency exchange was hacked when they were upgrading the platform.