Binance Updates Maker Charges for P2P Fiat Markets

Binance, the largest cryptocurrency exchange in the world in terms of trading volume, has announced that it will eliminate maker fees for 17 fiat markets. The announcement claims that the adjustment will take effect in one month’s time and will result in lower maker fees for some fiat markets on the P2P market of the exchange.”From 2023-06-26 00-00 (UTC) to 2023-07-26 00-00 (UTC), all makers can enjoy a 50% maker fee discount for each successful trade on NGN, KES, ETB, TZS, RWF, and MGA trading pairs at Binance P2P, 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 reduced to 0.1%.”
Binance also confirmed that it would maintain its zero taker fees on P2P transactions. Customers who use the P2P marketplace to buy and sell cryptocurrency should take note of this.
The changes are in response to regulatory pressure that Binance is experiencing in a number of the countries where it operates. For instance, its US subsidiary, Binance.US, was recently required to restrict access to customer cash only to its staff and not the global exchange. To avoid an asset freeze, this was done in coordination with the US Securities and Exchange Commission (SEC). Binance, two of its US affiliates, and Co-Founder Changpeng Zhao were sued by the Securities and Exchange Commission on June 5 for allegedly running illegal trading platforms, selling unregistered crypto asset securities, and squandering customer funds. The authority had previously requested permission to freeze Binance’s assets.US.
The French government has been reportedly investigating Binance for ‘acts of severe money laundering’ and ‘illegal offering of digital asset services,’ according to Finance Magnates. After receiving authorization as a digital asset service provider from Autorité des marchés financiers (AMF), Binance decided to establish its European headquarters in the French capital.
Last but not least, the market said recently that it was leaving the Netherlands since it couldn’t get registered there. According to the Dutch central bank, Binance was fined administratively for “providing services without the necessary registrations.”

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