Bitcoin reserves on cryptocurrency exchanges have fallen to their lowest levels this year, according to recent data from CryptoQuant.
Cryptocurrency exchange platform Binance has announced plans to introduce a new fee structure for its spot and margin trading services, effective Sept. 14 at 00:00 (UTC). The exchange will adjust its maker and taker fees based on each user's 30-day average trading volume across all spot and margin trading pairs.
Binance to Adjust Maker and Taker Fees Based on 30-Day Trading Volume
According to an announcement on Friday, Binance will introduce a new fee tier system for its spot and margin trading services. The exchange will calculate each user's 30-day average trading volume across all spot and margin trading pairs to determine their fee tier.
The new fee structure will apply to all spot and margin trades executed on Binance, excluding trades made using BNB, dust trades and trades executed via the Binance API. The exchange will adjust the maker and taker fees for each tier as follows:
“This adjustment aims to provide a more transparent and equitable fee structure for all users, encouraging greater participation and liquidity in the spot and margin markets on Binance,” the announcement reads.
Binance to Launch New Level-Based Referral Program on Sept. 24
In other Binance news, the exchange recently announced the launch of a new level-based referral program on Sept. 24 at 00:00 (UTC). The program will feature three levels, with each level offering different rewards and benefits.
Binance users can participate in the referral program by inviting new users to join the platform and complete tasks such as registering an account, activating two-factor authentication, making a first trade and more. The exchange will calculate the level of each referrer based on the combined trading volume of their invited users over a 30-day period.
The three levels in the referral program are as follows:
Level 1: Inviting new users who trade less than 500 BTC will earn a commission rate of 20%.
Level 2: Inviting new users who trade between 500 BTC and 2,500 BTC will earn a commission rate of 30%.
Level 3: Inviting new users who trade more than 2,500 BTC will earn a commission rate of 40%.
Binance users can view their referral level, rewards and other details on the Binance Referral Program page.
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