Binance Updates Maker Fees for P2P Fiat Markets

<p>Binance, the largest cryptocurrency exchange by trading
volume, will update maker fees for 17 fiat markets, the <a href="https://www.financemagnates.com/terms/e/exchange/">exchange</a> said in an
announcement today (Friday). The update will last a month and includes
discounts on maker fees for selected fiat markets on the exchange's
peer-to-peer (P2P) marketplace.</p><p>"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 in the statement. "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%." </p><p>Zero Fee for Takers</p><p>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.</p><p>The changes come at a
time when Binance is <a href="https://www.financemagnates.com/cryptocurrency/court-approves-deal-between-sec-and-binanceus-to-avoid-asset-freeze/" target="_blank" rel="follow">fighting
regulatory pressure</a> in
several jurisdictions it operates in. Its US affiliate, Binance.US, was recently
<a href="https://www.financemagnates.com/cryptocurrency/court-approves-deal-between-sec-and-binanceus-to-avoid-asset-freeze/" target="_blank" rel="follow">forced to restrict access to customer funds</a> 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.</p><p>On June 5, <a href="https://www.financemagnates.com/cryptocurrency/sec-charges-binance-ceo-over-illegal-exchanges-commingling-of-client-fund/" target="_blank" rel="follow">SEC sued Binance</a>, two of its US affiliates, and Co-Founder Changpeng Zhao, over
allegations of operating illegal trading platforms, offering unregistered
crypto asset securities, and comingling customer funds. The regulator earlier sought approval to <a href="https://www.financemagnates.com/cryptocurrency/sec-seeks-court-order-to-freeze-binanceus-assets/" target="_blank" rel="follow">freeze
the assets</a> tied to
Binance.US.</p><p>Binance Battles Regulatory
Pressure</p><p>Binance was also dealt a
big blow in the EU after the French authorities announced they were <a href="https://www.financemagnates.com/cryptocurrency/binance-france-under-probe-over-illegal-crypto-service-money-laundering-report/" target="_blank" rel="follow">investigating
the exchange</a> for alleged provision of digital asset services and 'acts of aggravated <a href="https://www.financemagnates.com/terms/m/money-laundering/">money laundering</a>', <a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance Magnates</a> reported.
Binance earlier chose Paris as its European hub after <a href="https://www.financemagnates.com/cryptocurrency/regulation/binance-gets-green-light-from-french-regulators/" target="_blank" rel="follow">obtaining a digital asset
service provider registration</a> from Autorité des marchés financiers (AMF).</p><p>Similarly, the exchange most recently announced that it was <a href="https://www.financemagnates.com/cryptocurrency/binance-shrinks-eu-presence-exits-netherlands-after-cyprus/" target="_blank" rel="follow">exiting the Netherlands</a> after failing to obtain registration. The Dutch central bank imposed an administrative fine on Binance for allegedly offering services without the required registrations.</p>

This article was written by Jared Kirui at www.financemagnates.com.