Binance has launched a six-month promotion for zero-fee token swaps for Binance Wallet users, limited to backed-up keyless addresses.
Details of Binance Promotion
The initiative allows users to swap tokens without trading fees using Binance Wallet’s integrated swap and bridge features or the quick buy function within Binance Alpha. However, transactions via third-party decentralized applications (dApps) are not eligible. Users are still required to cover standard network gas fees.
Key Participation Requirements
To participate, traders must use fully-backed-up keyless addresses within Binance Wallet. Wallets relying on manually entered private keys or seed phrases are not eligible.
Context of Binance's Exit from the Russian Market
Binance first introduced its wallet in November 2023 as a more user-friendly alternative to traditional self-custodial wallets by eliminating the need for seed phrases with multi-party computation (MPC) technology. However, shortly after its launch, Russian users began reporting restricted access. The exchange later confirmed the restrictions were due to 'regulatory reasons' after Binance decided to exit the Russian market in September 2023 and sell its local business amid increasing limitations on Binance’s operations in Russia.
Binance's promotion offers a unique opportunity for users with backed-up keyless addresses, while also considering regulatory restrictions in different countries.
