The largest crypto exchange in the world, Binance, has recently launched zero-fee Bitcoin trading. During the launch of the option, the CEO of Binance, Changpeng Zhao stated that the company has the largest reserves in the industry.
Talking about the zero-fee trading option, Zhao tweeted about this, saying that users can avail this for 13 spot pairs. Following that, a Twitter user asked whether it is sustainable for the crypto exchange to offer “zero fees”.
Replying to that, Changpeng Zhao said, “Yes, no worries. We don’t brag about numbers. But we have by far the largest reserve in the industry that we know of. This 0 fee is a way to take care of our users during a tough market.”
This is a sigh of relief from the largest crypto exchange to the entire crypto community, which is reeling in the current bearish conditions. Things are not looking great for the entire crypto industry right now. In fact, during the April-June quarter (Q2), the global crypto market lost about $670 million.
What’s more unfortunate is that almost all of it happened due to hacks and scams from nefarious users in the community. Last year, in the same period, the global crypto market lost about $440 million.
According to data from Immunefi, Beanstalk protocol, Harmony horizon bridge, Mirror Protocol, and Fei protocol contributed to most of the funds lost. Following that, the company said in a statement:
“We have reviewed all instances where blackhat hackers have exploited various crypto protocols, as well as cases of alleged fraudulent protocols and founders who have performed a rug pull in Q2 2022.”