Binance.US Slashes Fees to Near Zero as Trading Volumes Plunge Despite Regulatory Relief

Binance.US, the American subsidiary of Binance, has slashed trading fees to nearly zero for more than 20 major cryptocurrencies—including Ethereum, Solana, BNB, and Cardano—as the exchange grapples with persistently low trading volumes, following the company's resolution of a high-profile SEC litigation in May.

According to its official announcement on X, Binance.US now offers 0% maker fees and 0.01% taker fees for more than 20 crypto pairs, including ethereum, Solana, BNB, and Cardano, with no subscription or volume requirements.

But it seems that the platforms' effort to cut aggressive fees might be a little too little too late, with its share of U.S dollar-supporting exchange volume falling from around 10% previously to about .02% as of August.

Binance.US, currently the daily trading volume stands at just $15.5 million compared to Coinbase $2.9 billion and Kraken's $1.3 billion in normalized volume as revealed by CoinGecko's data.

Binance Struggle To Capture Market Share After SEC Lawsuit

BinanceU.S latest fee reduction is its second major attempt to salvage its declining market shares after previously launching a zero-fee Bitcoin trading pricing model in June 2022.

The program covered four spot pairs-BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD-and was later expanded to include Ethereum pairs in December 2022.

This comes as the platform tries to regain its market shares following a collapse of 99% in trading volume from nearly $5 billion weekly in March 2024 to around $40 million by September 2023 following the SEC probe.

In June 2023, the SEC filed 13 charges against Binance, CEO Changpeng Zhao, and Binance.US, alleging the operation of an unregistered securities exchange and market manipulation.

The lawsuit triggered a rapid exodus of funds, with $1.43 billion withdrawn within 24 hours as traders sought to protect their assets. Banking partners quickly cut ties with Binance.US, forcing the exchange to suspend U.S. dollar deposits and alert customers to withdraw their fiat holdings before services were fully halted.

For 19 months, Binance.US operated solely as a crypto-only platform until February 2025, when it reinstated fiat deposit and withdrawal functionality via ACH transfers.

Despite the SEC voluntarily dismissing its lawsuit with prejudice in May 2025, trading volumes have yet to show a meaningful recovery, underscoring persistent challenges in regaining investor confidence.

The exchange also recently added 20 new pairs to its "Tier 0" pricing model, with all pairs now carrying a 001% taker fee while maintaining 0% maker fees.

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Can Aggressive Fees Restore Binance.US’s Market Edge?

Binance.US’s current fee structure positions it as one of the lowest-cost trading venues in the U.S., undercutting Coinbase’s 0.40%/0.60% maker/taker fees for low-volume traders and Kraken’s standard 0.16%/0.26% rates.

Yet, competitors have strengthened their foothold during Binance.US’s regulatory challenges. Coinbase continues to dominate the U.S. market, holding roughly 60–65% market share and reporting $393 billion in Q1 2025 trading volume.

Kraken secures a distant second, generating $186.8 billion in Q2 2025 volume and recently acquiring NinjaTrader for $1.5 billion to bolster its derivatives offerings.

Analysts caution that aggressive pricing alone may not be enough to overcome the trust gap and liquidity concerns that arose during Binance.US’s 19-month hiatus from fiat services. Institutional adoption remains limited compared with rivals like Coinbase, which manages over $400 billion in assets under management and operates substantial custody services.

Even after the SEC case dismissal and leadership changes, Binance.US’s affiliation with global Binance continues to raise compliance questions among potential institutional clients. Regulatory uncertainty has also left professional investors cautious about platforms with prior enforcement actions, regardless of the outcome.

Looking ahead, Binance.US plans to roll out new features and expand its product lineup throughout 2025, aiming to reclaim market share under the more favorable regulatory environment following the Trump administration’s pro-crypto stance.