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Binance has responded to user demand by launching a zero maker fee promotion for spot trading pairs involving Argentine Peso (ARS), Brazilian Real (BRL), and South African Rand (ZAR). This promotional offer is set to commence on September 8, 2023, at 00:00 (UTC).

Promotion Coverage

This zero maker fee promotion encompasses eight specific spot trading pairs on the Binance platform:

BTC/ARS (Bitcoin to Argentine Peso)

USDT/ARS (Tether to Argentine Peso)

BTC/BRL (Bitcoin to Brazilian Real)

ETH/BRL (Ethereum to Brazilian Real)

USDT/BRL (Tether to Brazilian Real)

BTC/ZAR (Bitcoin to South African Rand)

ETH/ZAR (Ethereum to South African Rand)

USDT/ZAR (Tether to South African Rand)

Promotion Duration

The zero maker fee promotion for ARS, BRL, and ZAR spot trading pairs will be in effect from September 8, 2023, at 00:00 (UTC) until further notice.

Important Notes

ARS, BRL, and ZAR are fiat currencies and do not represent digital assets or cryptocurrencies.

Following the conclusion of the promotional period, standard trading fees will be reinstated. For detailed fee information, users can refer to Binance’s spot trading fee structure.

Binance reserves the right to disqualify users from eligibility if any account is found to be involved in dishonest practices, including wash trading, illegal bulk registration of accounts, self-dealing, or market manipulation.

For comprehensive terms of use related to spot trading on Binance, users are encouraged to review the Spot Trading Terms of Use.

Conclusion

Binance’s move to introduce a zero maker fee promotion for ARS, BRL, and ZAR spot trading pairs reflects its commitment to meeting evolving user needs. This promotion is expected to attract traders interested in these currency pairs, contributing to the exchange’s ongoing market expansion.

Implementing zero fees can serve as a strategic measure to stimulate liquidity and bolster trading activity. According to Blockchain.News, Binance has recently unveiled a significant development, wherein users can now avail themselves of zero maker fees for FDUSD trading pairs, and this favorable condition will remain in effect “until further notice.”

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Argentinians have taken refuge in stablecoins after the nation’s economy minister Martin Guzman resigned over the weekend attributed to the financial crisis crushing the South American country, reports said.

Due to the continuous inflation, Devaluation continues to undermine the Argentine peso (ARS). Three leading crypto exchanges have seen a trend where consumers are looking for hedges, for instance, the peso depreciated by nearly 15% against various stablecoins like Tether (USDT) and MakerDAO (DAI) on leading local crypto exchanges after Guzman resigned.

Therefore, according to reports, Argentinians purchase stablecoins two to three times more than is the case on a typical weekend. Per the report:

“Argentine exchange Buenbit recorded a 300% increase in trading on Sunday compared to the same day in previous weeks.”

Sebastian Serrano, the CEO of cryptocurrency exchange Ripio, noted that Argentinians have resorted to the crypto market if uncertain news emerges. Serrano added:

“Whenever there is one of these news stories in Argentina, because of the 24/7 nature of crypto, it is the first market where Argentina starts to look for a price for the U.S. dollar. This drives volumes up.”

With inflation hitting 60% on a year-over-year basis, Guzman’s resignation was fuelled by the lack of a precise economic direction as differences between the president and vice president took centre stage.

As a result, Argentinians have been seeking shelter in digital assets despite the nation recently halting crypto operations undertaken by financial institutions.

Depending on different regulations, crypto usage is speculated to continue rising in Argentina because cryptocurrency is deemed a hedge against a cyclical economic crisis that includes hyperinflation, recession, and repeated currency devaluations.

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Tag: ARS

Binance Introduces Zero Maker Fee for ARS, BRL and ZAR

Argentinians Seek Shelter in Stablecoins after Economy Minister Resignation