Following Binance.US’ zero-fee trading announcement, Robinhood shares fell. Following the announcement by Binance.US that it will offer zero-fee trades in certain bitcoin pairs, Robinhood Markets shares dropped on Wednesday
At 9:32 AM, shares in cryptocurrency exchange Coinbase fell 5.7% to $54.22. ET according to Nasdaq via trading view. 1.1% dropped Robinhood, an alternative app for trading stocks or crypto.
After Binance.US, an American affiliate of the popular crypto exchange Binance.US, announced it had reduced bitcoin trading fees to zero for selected pairs. All existing and new customers of Binance.US are exempt from fees when they trade bitcoin against the US dollar (USDT), USD Coin(USDC), or Binance USD ($USD).
This announcement comes as crypto exchanges face tough economic headwinds and a wider market downturn. Coinbase announced last week that it would be laying off 18% staff in order to better prepare for the difficult market conditions.