Binance.US has announced that it will allow users to trade spot bitcoin BTC -4.90% in USD, Tether, USD Coin and Binance USD without paying spot transaction fees. Shares of its biggest rival Coinbase tumbled this week after the announcement. Three closed down 9.7%.
CNBC analysis believes that Coinbase’s main source of income is transaction fees, but as Robinhood and FTX US both try to launch zero-commission trading services, it will bring more pressure to Coinbase.