Binance trading volume hits a new high: Behind the zero-fee policy

In the cryptocurrency market, changes in trading volume often mean market dynamics and trends. Recently, Binance Exchange's daily trading volume has once again set a new record, and this news has attracted widespread attention and discussion. However, at the same time, Binance announced the cancellation of the zero-fee VIP level statistics, apparently to prevent the phenomenon of card swiping. Behind this series of changes, it reflects Binance's careful consideration in market competition, user experience and compliance.

With the popularity of cryptocurrency, more and more users choose to participate in transactions. As the leader of the industry, Binance naturally attracts a lot of attention. According to the latest data, Binance's daily trading volume has broken through the historical high and reached an impressive number. This achievement is not only the result of the efforts of the Binance team, but also a reflection of market demand and user trust. In such a volatile market, users' trading behavior is affected by many factors, including market conditions, policy changes, and the exchange's fee structure.

Binance's zero-fee policy has attracted a large number of traders, especially those who trade frequently. The introduction of this policy aims to reduce users' transaction costs and encourage more investors to participate in cryptocurrency transactions. However, with the surge in trading volume, Binance is also facing the problem of card swiping volume. Card swiping volume refers to the advantage of users obtaining fee exemption through high-frequency trading, which to a certain extent affects the fairness of the market and the healthy development of transactions. Therefore, Binance decided to cancel the VIP level statistics of zero handling fees. This move is undoubtedly to maintain market stability and fairness for users.

While canceling the VIP level statistics, Binance is also constantly optimizing the user experience and launching more features and services to meet the needs of different types of users. For example, Binance’s recently launched "Smart Trading" function allows users to automatically trade according to market conditions, greatly improving the user's trading efficiency. This innovation not only improves user satisfaction, but also further consolidates Binance's leading position in the market.

In addition to the increase in trading volume and the adjustment of the handling fee policy, Binance is also working hard on compliance. With the strengthening of cryptocurrency regulation around the world, major exchanges are facing compliance pressure. Binance actively responds to the regulatory policies of various countries and strives to maintain good communication with regulators to ensure the legality and security of the platform. This positive compliance attitude has undoubtedly won Binance the trust of more users.

In the cryptocurrency market, user trust is the key to the success of an exchange. Binance has gradually established a good reputation through transparent operations and compliant management. This trust is not only reflected in the security of users' funds, but also in the users' confidence in Binance's future development. As Binance continues to launch new products and services, user activity and trading volume have also increased, forming a virtuous circle.

When discussing Binance's success, we cannot ignore the rise of other competitors. Exchanges such as Coinbase and Kraken are also constantly launching various preferential policies and innovative features to attract more users. In such a market environment, Binance must maintain keen market insight and adjust its strategies in time to cope with fierce competition. This competition not only prompts Binance to continuously improve its service quality, but also provides users with more choices.

It is worth noting that Binance's global expansion strategy is also worthy of our attention. In recent years, Binance has actively deployed overseas markets, especially in Asia, Europe and other places. This strategy has not only brought more users to Binance, but also further enhanced its brand influence. In the context of globalization, Binance's success is not only a recognition of its team, but also a verification of its market strategy.

In the future, how will Binance continue to maintain its market leadership? This is a question worth pondering. As the market environment changes, Binance needs to continue to innovate and launch more products and services that meet user needs. At the same time, maintaining a good relationship with regulators and ensuring compliance operations are also important guarantees for Binance's future development.

In this rapidly changing market, user needs and market dynamics are uncertain. Therefore, Binance must have the ability to adapt flexibly and adjust its strategies in a timely manner to adapt to market changes. Only in this way can Binance remain invincible in the competition and continue to provide users with high-quality services.

In general, Binance's record high trading volume reflects its strong market influence and user base. The decision to cancel the zero-fee VIP level statistics may affect the trading habits of some users in the short term, but in the long run, it will help maintain the healthy development of the market. While Binance is constantly optimizing user experience, strengthening compliance and expanding international markets, it is also contributing to the future development of the cryptocurrency industry.

In this era full of opportunities and challenges, every step of Binance deserves our attention and thinking. As users, we should look at the policy changes of the exchange rationally and maintain a keen insight into the market. At the same time, we should also actively participate in the study and practice of cryptocurrency to seize this wave of wealth opportunities. In the future, whether it is Binance or other exchanges, they will continue to explore and move forward in this promising market and create more possibilities.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

This week, the leading exchange () announced that it would launch a 0-fee campaign for 13 Bitcoin (BTC) spot trading pairs starting from July 8 to celebrate its 5th anniversary. However, this move caused a surge in wash trading of these Bitcoin trading pairs on Binance, and even attracted FTX founder Sam Bankman-Fried (SBF) to sarcastically say that 0 fees will inevitably lead to false trading volume.

In the early hours of today, a community manager of Mandala Exchange tweeted that he found that $3 billion of Bitcoin transactions occurred in just two hours, while the price of Bitcoin remained relatively stable, indicating that a large number of traders were buying and selling. According to Binance BTC/USDT trading pair data, after Binance launched the 0-fee Bitcoin trading campaign, the trading volume even exceeded March 12, 2020, setting a historical record.

Binance founder Zhao Changpeng (CZ) then replied: We believe this is due to the zero-fee campaign and people trying to get VIP status through it. At the same time, it was added that Binance will take measures to exclude BTC trading pairs from VIP statistics and eliminate all incentives for wash trading on the exchange.

In fact, Binance has stated in the zero-fee event that malicious volume brushing, batch registration of small accounts, self-buying and self-selling, mutual knocking and other cheating behaviors are prohibited. Binance will strictly review this and remove the resulting trading volume from the statistical ranking.

According to the official website, Binance currently has nine different VIP levels. The more funds a user trades in spot transactions within 30 days, the higher the VIP level and the more favorable the fee rate. Therefore, this zero-fee event is regarded by a large number of users as an excellent opportunity to obtain VIP privileges.

A few hours after CZ spoke, Binance issued an announcement stating that in order to create a fair trading environment, the trading volume of 13 Bitcoin spot trading pairs in the zero-fee trading event will be removed from the accounts of VIP users and spot market makers, and the effective time is 08:00 (UTC+8) on July 8, 2022.

CZ also launched a vote on Twitter today, asking the community whether they still want to continue the zero-fee event. As of press time, more than 35,000 Twitter users have voted, and the proportion of those who support the continuation of the event is currently close to 66%.