Binance.US cuts spot fees to 0% maker and 2 bps taker in comeback push
CEO Stephen Gregory said the exchange is rebuilding after a two-year “hibernation” and is targeting a return to roughly 20% U.S. market share.
Binance.US CEO Stephen Gregory said the exchange is emerging from a two-year regulatory-driven “hibernation” and is shifting back into growth mode. The plan pairs near-zero spot fees with a liquidity rebuild and a longer-term push for licenses that could open the door to U.S. derivatives products.
Key Takeaways
- Binance.US is rebuilding after what CEO Stephen Gregory described as a two-year “hibernation” tied to regulatory issues around the broader Binance brand.
- The exchange is targeting a return to roughly 20% of the U.S. crypto exchange market, a benchmark Gregory framed as a prior peak.
- Spot trading fees were cut to 0% maker and 2 basis points taker, which Gregory described as “essentially almost a no-fee exchange.”
- Expansion beyond spot into products like perpetual futures and prediction markets was positioned as contingent on additional licensing and a more favorable U.S. regulatory environment.
Binance.US Says It’s Exiting a Two-Year ‘Hibernation’
Stephen Gregory is pitching Binance.US as a U.S.-only venue trying to restart its growth engine after a regulatory overhang slowed the business for roughly two years. He tied that “hibernation” to issues surrounding the broader Binance brand, while also drawing a line between the entities.
Gregory said Binance.US operates as a separate U.S.-only entity with its own governance structure and is “licensed exclusively to serve U.S. customers.” At the same time, he acknowledged shared ownership and branding, saying it shares a common beneficial owner and the Binance name with Binance.com. For traders, that nuance matters because the rebuild narrative is effectively a counterparty-risk reset attempt without pretending the brand linkage does not exist.
Gregory also set an explicit ambition: a return to roughly 20% U.S. market share. No timeline or methodology was provided for that figure, so it reads as a directional target rather than a verifiable baseline traders can anchor to today.
Near-Zero Fees: 0% Maker and 2 bps Taker
The most concrete lever in the plan is price. Gregory said Binance.US reduced fees to 0% maker and 2 basis points taker, calling it “essentially almost a no-fee exchange.”
For active spot traders, the mechanics are straightforward. Maker fees apply when a limit order adds liquidity by resting on the book. Taker fees apply when an order removes liquidity by crossing the spread. A basis point is 0.01%, so 2 bps equals 0.02%.
The market-structure point is that fee cuts alone do not guarantee better execution. They can attract flow quickly, but only if spreads, depth, and fill quality hold up. In a rebuild phase, near-zero fees function as a direct incentive to route orders back to the venue while it tries to reconstitute liquidity.
Liquidity Rebuild: Incentives and Direct Outreach to Top Users
Gregory said Binance.US is rebuilding liquidity through incentives and direct outreach to retail customers, including personally contacting some top users for feedback. That is a clear signal the exchange is prioritizing execution quality and retention, not just headline pricing.
He also framed an operating model designed to keep burn low, saying the company runs a lean team and expects to generate revenue from services like custody alongside trading. The implicit tradeoff is familiar: subsidize trading costs to win back flow, then monetize adjacent services once activity stabilizes.
Signals to Watch for Binance.US rebuild plan: fees, licenses
The next actionable signals are not the marketing lines. They are the observable market and regulatory milestones.
First, any disclosed license applications or approvals that would allow Binance.US to offer derivatives, perpetual futures, or prediction markets in the U.S. Gregory explicitly tied that roadmap to additional licensing and a more favorable regulatory environment, so regulatory progress is the real catalyst.
Second, execution indicators after the fee cut: spreads, order-book depth, and reported volumes. If liquidity does not return, the fee schedule becomes a temporary promotion rather than a durable venue shift.
Third, updates on market share or third-party rankings that can be compared with the stated ~20% target. Without a defined measurement window, the only way to judge progress is consistent external benchmarking.
Finally, watch for further changes to the fee schedule or liquidity incentive programs. If the exchange has to keep sweetening terms to maintain flow, that signals the rebuild is still fragile.
What Would Confirm a Real Market-Share Comeback
I treat the 0% maker and 2 bps taker move as a flow-grab designed to restart the order book, not proof the venue is “back.” The threshold that matters is whether tighter fees translate into tighter spreads and deeper books across the pairs that actually drive volume, because that is what keeps sophisticated flow from churning out after the promo period.
The real test is whether licensing progress turns the derivatives talk into a regulated product path. If spot liquidity holds and licensing opens a credible route into perps, the setup starts to look structural rather than narrative-driven, and that is what would make a market-share comeback matter in practical terms.
