Earlier this year, Binance.US became the first U.S.-based exchange to cut bitcoin trading fees to zero.

Since the announcement, Binance.US has consistently ranked in the top three of North America-based exchanges by volume, according to data from The Block.

In this episode of The Scoop, Binance.US CEO Brian Shroder examines how Binance.US is attempting to distinguish itself from the competition, including the impact cutting bitcoin trading fees had on bringing in new business.

According to Shroder, the decision to cut bitcoin trading fees revolved around wanting to make the bitcoin purchasing experience as consumer friendly as possible:

“Our goal was to be able to say very concretely that if you buy bitcoin on any other exchange, you are paying substantially more — without question.”

In addition to appealing to retail investors, cutting bitcoin trading fees also brought in a record amount of new institutional business. As Shroder explains,

“Being able to go to institutions and almost literally have a pitch which is: ‘You have a fiduciary responsibility to your investor-base to use Binance.US because it is free … ’ After the announcement, we had our best month ever in terms of institutional signups.”

Episode 106 of Season 4 of The Scoop was recorded live with The Block's Frank Chaparro and Binance.US President & CEO Brian Shroder.

Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests can be sent to [email protected].

This episode is brought to you by our sponsor Tron, Ledn

About Tron

TRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized web3 services boasting over 100 million monthly active users. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. | TRONDAO | Twitter | Discord |

About Ledn

Ledn was founded on the unshakeable conviction that digital assets have the power to democratize access to the global economy. We help you to experience the real life benefits of your Bitcoin without having to sell it. Start a savings account, take out a loan, or double your Bitcoin. For more information visit Ledn.io