According to Bloomberg, Binance US has just begun offering fee-free trading of bitcoin and has plans to do the same with other tokens in the near future.
Coinbase stock down 10% pre-market after the announcement. Coinbase Stock is down 83% from all time highs currently trading at $57.49
According to Shroder, CEO of Binance US, no-fee transactions do not result in a profit for the company.
LUNA Investors sues Binance US just a week ago
LUNA and UST investors filed a class-action lawsuit in the US District Court of Northern California. US falsely advertised investments in the algorithmic stablecoin TerraUSD (UST) as “safe”. Last month, UST lost its peg to the US dollar and collapsed along with its affiliated asset Terra (LUNA), wiping out $40 billion in crypto market cap. Binance.US failed to disclose that UST is in fact a security, and that it is selling these securities, even though there is no registration statement in effect for them, and Binance.US itself has refused to register with the U.S. Securities and Exchange Commission either as a securities exchange or as a broker-dealer.
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