The cryptocurrency exchange Binance announced a six-month zero-fee swap promotion for retail traders using backed-up addresses on its Binance Wallet.
Promotion Details
Binance has offered its wallet users the chance to perform swaps without fees for six months. This offer is only applicable to swaps made through Binance Wallet's integrated swap features and the Binance Alpha platform, which lists tokens considered for future listings. Swaps through third-party dApps are not qualified for this promotion. Despite the waiver of Binance's trading fees during the promotion, users are still required to pay network gas fees.
Eligibility Requirements
To participate in the promotion, users must trade using a backed-up address within Binance Wallet, meaning they need to complete the backup process and cannot use imported wallets with manually entered private keys or seed phrases.
Binance Wallet History and Availability
Binance first announced its crypto wallet in November 2023, describing it as a product that eliminates tricky seed phrases and supports multi-party computation technology. However, after the launch, some Russian users reported losing access to the wallet. Binance later clarified that access restrictions were due to regulatory reasons following its exit from Russia in September 2023, when it planned to sell its local business.
The Binance Wallet zero-fee promotion offers retail traders with backed-up addresses an opportunity to save on fees for six months. It is important to note the eligibility requirements and limitations, such as the need to use backed-up addresses and potential network gas fees.
