Cryptocurrency exchange Binance revised its Peer-to-Peer (P2P) marketplace fees scheme for market makers.
Binance P2P, is a marketplace where verified merchants sell their crypto directly to buyers in exchange for cash. Binance P2P provides the platform escrow services to ensure the users crypto assets are safe. (Read: How to buy USDT on Binance P2P)
In an announcement, Binance said it will maintain 0 fees for market ‘takers’ (people who interacts with existing offers on the platform) while market ‘makers’ (people who post advertisements or offers on the P2P marketplace or to put simply, the merchants) will be charged a fee rate ranging from 0 to 0.35% depends on the fiat markets & trading pairs used. This is effective as of July 1, 2021 2:00 AM (UTC).
Learn more about Binance P2P new fee rates here.
Along with the new fee rates, Binance P2P verified merchants will also enjoy a 20% discount in their trading fees.
Early in 2021, Binance, after announcing its support for the local currency in Vietnam, the exchange said it recently became the largest P2P fiat-to-crypto platform in Southeast Asia, reaching a total volume of $3 billion in USD. Binance P2P launched in the Philippines in June 12, 2020.
Learn more about Crypto exchanges market spread here.
Binance recently launched its NFT marketplace, with Filipino artists participating on its inaugural day. Users already on Binance will not have trouble accessing the NFT marketplace because it will have the same account system as Binance.com. Binance identified “minting fees” as its key differentiator versus competing platforms. Minting — the process of putting the digital asset into the blockchain to become an NFT — is as important as creating the digital asset itself. One of the things that artists consider before creating NFT is the minting fees.
This article is published on BitPinas: Binance Applies Transaction Fees to P2P Trading