Coinbase Stock Tumbles As BinanceUS Eliminates Bitcoin Trading Fee

U.S. online trading firms specializing in crypto were hit hard Wednesday after BinanceUS, an arm of the word’s biggest digital currency exchange, eliminated its bitcion spot trading fees.

BinanceUS will now allow its users to trade bitcoin, the biggest cryptocurrency, against assets such as the U.S. dollar, tether, and other dollar-backed stablecoins for free, eliminating its prior levy of 0.1% on transaction valued at less than $50,00.

The move could ignite some much-needed liquidity into the global crypto market, which has shed billions in value over the past six weeks amid a broader bitcoin meltdown and the collapse of the Luna stablecoin.