Although Binance does not yet collect fees for trading Bitcoin, it does so for deals involving Bitcoin and Tether USD. Because of this move, the price of TRU rose by more than 20% in less than an hour. Binance celebrated the fifth anniversary of its founding by introducing free trading of bitcoin with 13 different spot pairings.
This strategy resulted in a notable rise in the volume of Bitcoin trading activity on the “pillar” exchange; yet, it garnered Binance a great deal of criticism. Despite this, the floor has maintained its 0 dong fee ever since. On the other hand, Binance made an unexpected announcement on March 15, 2023, stating that free Bitcoin trading will be halted, with the exception of pairs that included the stablecoin TrueUSD (TUSD).
According to the release, only the BTC/TUSD pair is now free to spot; the remaining pairs will all begin charging the regular transaction cost from 7:00 a.m. on March 22, 2023. This action demonstrates that Binance is “pivoting” to stablecoin TUSD after terminating its association with BUSD because to Paxos’ legal issues with US authorities.
Previously, Binance minted a big quantity of stablecoin TUSD in a short period of time and included TUSD in numerous trading pairings on the exchange. The TRU token price of the TrueFi lending protocol also climbed dramatically, despite in fact this project is not really “connected” to TUSD, simply “used to be” products of TrueFi Protocol. TRU’s price has risen in less than an hour following the exchange’s announcement. TRU is presently trading at about $0.14, having gained 18% in the last 24 hours.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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