Binance.US, a prominent player in the cryptocurrency exchange market, has recently slashed its trading fees to nearly zero amidst a troubling decline in its market share. The exchange now offers an enticing 0% maker fee and a minimal 0.01% taker fee on over 20 cryptocurrency pairs, including popular options like Ethereum, Solana, BNB, and Cardano. What’s particularly noteworthy is that this fee structure comes without any subscription or trading volume requirements, a strategic move aimed at attracting traders back to the platform.
### Market Share Decline
Despite these aggressive pricing measures, Binance.US is grappling with significant challenges. The platform’s market share has plummeted to just 0.20%, a steep decline from its earlier days when it held about 10% of the U.S. dollar-supporting exchange volume. As of August 2023, this drastic reduction has translated into a daily trading volume of merely $15.5 million. In stark contrast, its competitors, Coinbase and Kraken, boast volumes of $2.9 billion and $1.3 billion, respectively, illustrating the scale of Binance.US’s fall from grace.
### Historical Context
This latest fee reduction isn’t Binance.US’s first attempt to regain market traction through competitive pricing. In June 2022, the exchange initiated a zero-fee trading program for Bitcoin, which initially applied to four spot pairs—BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD. By December, this initiative expanded to include Ethereum pairs. Yet, despite these efforts, trading volumes collapsed by an astounding 99% from nearly $5 billion weekly in March 2023 to around $40 million by September 2023, largely in response to a lawsuit from the Securities and Exchange Commission (SEC).
### SEC Lawsuit and Its Aftermath
The SEC’s legal action, initiated in June 2023, accused Binance and its CEO, Changpeng Zhao, of operating an unregistered securities exchange and manipulating markets. The repercussions were swift: within 24 hours of the lawsuit’s announcement, Binance.US suffered a net outflow of $1.43 billion as traders fled over fears that their funds might be frozen. Banking partners quickly severed ties with the exchange, leading to the suspension of USD deposits and urgent warnings for customers to withdraw their funds before services ceased completely.
For 19 months, Binance.US operated solely as a crypto exchange, offering no fiat services. It wasn’t until February 2025 that the platform restored fiat deposit and withdrawal options through ACH bank transfers. Even after the SEC dismissed its lawsuit with prejudice in May 2025, trading activity failed to make a meaningful recovery.
### Current Fee Structure and Competitive Landscape
As of now, Binance.US has introduced a tiered pricing model that includes a taker fee of 0.01% for over 20 trading pairs, marking a shift that positions it as potentially the lowest-cost trading venue in the U.S. market. In comparison, Coinbase charges 0.40% for maker fees and 0.60% for taker fees for low-volume users, while Kraken’s rates stand at 0.16% for makers and 0.26% for takers.
However, this aggressive pricing strategy may not be sufficient to reclaim lost market share. Competitors have solidified their positions during Binance.US’s regulatory hurdles, with Coinbase currently holding a dominant 60-65% of the U.S. market share, reporting an impressive $393 billion in trading volume for Q1 2025. Kraken, meanwhile, has emerged as a strong second-place competitor with $186.8 billion in Q2 2025 volume, further expanding its footprint by acquiring NinjaTrader.
### Trust Issues and Institutional Adoption
Industry experts emphasize that competitive pricing alone cannot bridge the trust gap that has emerged due to Binance.US’s prolonged lack of fiat services and regulatory scrutiny. Institutional adoption on the platform lags behind that of its rivals; for instance, Coinbase manages over $400 billion in assets under management and offers significant custody services, enhancing its appeal to larger investors.
Moreover, Binance.US’s ongoing association with the global Binance entity continues to raise compliance concerns for potential institutional clients, even after the SEC case’s dismissal. Regulatory uncertainty has made institutional investors particularly cautious of platforms that have faced enforcement actions, regardless of the outcomes.
### Future Prospects
Despite these challenges, Interim CEO Norman Reed expressed optimism about Binance.US’s future. In a statement from December 2024, he asserted, “I strongly believe that 2025 will be a breakout year for Binance.US, and our teams are hard at work building a comeback story for the ages.” The exchange plans to roll out new features and broaden its product offerings throughout 2025, aiming to rebuild its market standing under newly favorable regulatory conditions following a shift towards a more pro-crypto policy from the current administration.
This unfolding narrative illustrates the complexities of the cryptocurrency exchange landscape in the U.S., highlighting Binance.US’s attempts to navigate a challenging environment marked by regulatory scrutiny and fierce competition.
