Binance Updates Maker Fees for P2P Fiat Markets

Binance, the largest cryptocurrency exchange by trading volume, will update market maker fees for 17 fiat markets, the exchange said in an announcement today (Friday). The update will last a month and includes discounts on market maker fees for selected fiat markets on the exchange's peer-to-peer (P2P) marketplace.

"From 2023-06-26 00:00 (UTC) to 2023-07-26 00:00 (UTC), all makers can enjoy a 50% maker fee discount for every successful trade on NGN, KES, ETB, TZS, RWF, and MGA trading pairs at Binance P2P, " the company said. "This means that the maker fees for all P2P trades on NGN, KES, ETB, TZS, RWF, and MGA trading pairs during this period will be lowered to 0.1%."

Zero Fee for Takers

Moreover, the cryptocurrency exchange said that its P2P zero fees for takers would be maintained. The fees apply to users who buy and sell cryptocurrencies by placing an order through existing advertisements on the P2P platform.

The changes come at a time when Binance is fighting regulatory pressure in several jurisdictions. Its US affiliate, Binance.US, was recently forced to restrict access to customer funds only to its employees and not the global exchange. The step was in agreement with the US Securities and Exchange Commission (SEC) to prevent the need for an asset freeze.

On June 5, the SEC sued Binance, two of its US affiliates, and the Co-Founder, Changpeng Zhao, over allegations of operating illegal trading platforms, offering unregistered crypto asset securities and commingling customer funds. Earlier, the regulator sought approval to freeze the assets tied to Binance.US.

Binance Battles Regulatory Pressure

Moreover, Binance was dealt a big blow in the EU after French authorities announced they were investigating the exchange for the alleged illegal provision of digital asset services and 'acts of aggravated money laundering', Finance Magnates reported. Earlier, Binance chose Paris as its European hub after obtaining a digital asset service provider registration from Autorité des marchés financiers (AMF).

Most recently, the exchange announced that it was exiting the Netherlands after failing to obtain registration. The Dutch central bank imposed an administrative fine on Binance for allegedly offering services without the required certification.