Binance undergoing its own ‘halving’ as the world prepares for Bitcoin’s block reward milestone in the next 3 days or so.
As the world waits for the Bitcoin halving event expected at block number #630,000, Binance is playing its part to honor the milestone with US customers receiving a 50% discount on trading fees. To celebrate the event, Binance.US users will have their trading fees cut in half once they buy crypto on the exchange ad start trading.
The announcement made on May 9, 2020, on Twitter states,
“#Bitcoinhalving is right around the corner and we’re offering half off trading fees when you use the Buy Crypto button on http://Binance.US or in the mobile app. Witness history…from your couch!”
Binance states the promotion is set to run from May 6th at 9:00 AM EST until May 17th at 9:00 AM EST in a bid to ease the users transitioning into the third halving period.
The “halving discount” will only be available to the Binance. US customers who use their desktop platform, the iOS app, or their Android app. However, order book transactions are excluded from the discount in trading fees.
The statement further confirms that the fees discounts will be offered in a cashback of half the original trading fee displayed. It reads,
“You will receive transaction fee cashback for the purchase that is equal to half off the fee. The cashback reward will be distributed to your Binance.US Wallet within 3 business days following the end of this promotion.”
Binance is blowing up in trading volumes over the past few days and the current promotion is expected to onboard more users to the platform as the halving draws nearer.