Binance CEO Lets Users Vote – No More Trading Fees in the Future?

For both small private investors and large investors, trading fees are usually a main criterion when it comes to trading on crypto exchanges. Accordingly, it is not surprising that there was a lot of excitement when Binance CEO Changpeng Zhao asked the crypto community if they were potentially interested in fee-free trading.

And Binance's decisions matter, as the trading platform leads the market, outperforming even its closest competitor FTX by 10x in terms of trading volume. So, Zhao, who is known for introducing new features based on community feedback, may set the next direction for the entire industry with his question about eliminating trading fees altogether.

While no trading fees would be a welcome gift for investors and investors, Zhao cautions that such a model would also come with downsides, including wash trading. This is a special form of market manipulation, through which trading volumes in particular can be artificially inflated by buying and selling a financial instrument as often as you like. Without fees, this would be all the easier to do.

Another problem in this context is that investors could illegally achieve VIP status at Binance through wash trading, which in turn brings with it certain advantages and functions, such as other perks. Similarly , professional poker player Brian Rast asks the CEO, "If there are no more trading fees, why do you need VIP status?"

As of press time, more than 30,600 users have taken part in Zhao's poll, of which 65.5% vote for no trading fees despite concerns. The Binance boss would be willing to implement this request, even if it caused new problems:

"Let's wait and see what the vote reveals. We listen to our users.”

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