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Binance will be changing its fee structures on July 1, effectively raising fees for users who trade on the platform via prime brokers, reports Bloomberg.
Previously, brokers who were a part of Binance’s Link Plus program were able to lower trading fees for users thanks to the total volume the broker was doing. It effectively allowed users to benefit from a more generous fee tier than their trading would normally justify.
Previously, the structure of this setup meant certain traders could receive lower fees by trading through these brokers instead of Binance directly, benefitting from the broker’s ability to aggregate its many sub-accounts.
This change would significantly reduce the incentive for traders to use these brokers, potentially driving them toward Binance itself.
The Bloomberg reporting specifically includes comments from Bequant, which previously took advantage of these differences in the Binance fee tier as part of its core business model and is apparently pivoting to focus more on trading.
Read more: Big Brother surveillance dystopia is now reality at Binance
This change comes as Binance tries to maintain its place as the largest crypto exchange after its deferred prosecution agreement with the United States Department of Justice.
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