On Binance crypto exchange, the absence of a commission for buying bitcoins has led to massive fake transactions

The recent Binance-skasuvala-komisiyu-na-torgivlyu-z-bitkoyinom/">abolition of the commission for the purchase of BTC has worked so well that it has even attracted fraudsters. At least, that’s what Changpeng Zhao, the head of the exchange, thinks.

In a series of tweets, he decided to invite the community to decide whether the BTC fee should be canceled at all. At the time of writing, 65% were in favor (43,000 users voted).

0 fee trading @binance creates a few problems, wash trading, VIP tiers, etc. A thread?

Do you still want it?

— CZ? Binance (@cz_binance) July 8, 2022

According to Zhao, the growth in the number of transactions is due to a number of factors. One of them is the desire to «wind up» VIP status on the platform, as it potentially provides a number of other benefits. However, for protection purposes, zero-commission trades will not be taken into account when calculating VIP status," the CEO noted.

«The second reason is the desire to inflate fictitious trades to the point of being able to manipulate related pairs and cryptocurrencies in the context of interest in trading, which can affect the cryptocurrency rate.

However, judging by the vote, the commission for the purchase of BTC will not be refunded in the near future.