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As he stated, "Let's see what the poll says," CZ is open to adopting the modifications despite the problems that a new system would provide. "We listen to our users' feedback," he added.
Traditional and cryptocurrency investors view trading fees as one of the most significant costs associated with investing on exchanges. Consequently, it is not surprising that when Changpeng "CZ" Zhao, the founder and CEO of Binance, asked investors whether they were interested in trading on the cryptocurrency exchange with no fees, the reaction was a resounding yes despite the inherent dangers the entrepreneur pointed out.
In terms of trading volume, Binance is the largest cryptocurrency exchange, surpassing its nearest competitor FTX by a factor of ten. Zhao, known for adding improvements based on user feedback, reached out to investors through Twitter to gauge their opinion on eliminating all trading costs.
While zero-fee trading may sound great for investors, CZ highlighted some pitfalls that may arise, including wash trading. Wash trading, in which a user executes a series of buys and sells to influence market activity, can be utilized to ascend the Binance VIP levels.
In addition, CZ added that delivering zero-fee trading to the people will necessitate the implementation of several protections, including detection systems for spotting fraudulent trades, by Binance. Each VIP category is associated with certain trading privileges, such as reduced trading costs. Therefore, renowned poker player Brian Rast asked, “If there are no expenses, why do you need VIP tiers?”
At the time of writing, more than 30,600 investors had responded to CZ’s survey, with around 65,5 percent preferring to trade with no fees altogether. CZ is willing to adopt the reforms despite the difficulties that a new system would present:
“Let’s see what the poll say. We listen to our users.”
The Bank of Spain registers Binance’s Spanish business as a VASP participant.
As it constantly receives registrations and operating permits from regulatory bodies, Binance continues to expand its global footprint.
Thursday, Spain’s central bank recognized Binance’s Spanish subsidiary Moon Tech Spain as a VASP, continuing the company’s expanding trend. CZ ascribed the occurrence to Binance’s intention to safeguard users:
“Effective regulation is essential for the widespread adoption of cryptocurrencies. We have invested significantly in compliance and introduced AMLD 5 and 6 compliant tools and policies to ensure that our platform remains the safest and most trustworthy in the industry.”