showed a few years back, the practice can lead to irrational, machine-generated volume for the sake of market-share claims.... [+]Three Chinese crypto exchanges–Huobi, BTC China and OKCoin– initiated a zero-fee war in September 2013, apparently generating bitcoin volume in the tens of millions monthly. Chinese exchanges made their money from withdrawal fees, which decreased as clients traded higher volume.
Binance and Binance.US have responded to the current crypto winter by reportedly increasing their workforce and, most recently, by boosting a U.S. affiliate program immediately after Coinbase canceled a similar offering. How can Binance.US adopt this contrarian approach? Shrewdly, Binance kept its powder dry as some of its major peers entered into megadeals that sponsored major sports franchises and venues like Crypto.com and FTX did in 2021.
Like Robinhood over the years, Binance and Binance.US will face persistent questions of how they make their money if not by trading fees or selling its flow to market makers. It is conceivable that Binance’s new crypto lines of product like
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