CoinDesk
Binance.US CEO Stephen Gregory said the exchange is exiting a two-year regulatory hibernation and targeting a return to roughly 20% of the U.S. crypto exchange market, the share it held before the broader Binance brand's legal problems froze its growth. Gregory framed Binance.US as a separate U.S.-only entity with its own governance, licensed exclusively to serve American customers, even as it shares a common beneficial owner and brand with Binance.com.
The competitive play is pricing. Gregory said Binance.US has cut fees to what he called essentially a no-fee exchange, with 0% maker fees and a 2-basis-point taker fee, and is rebuilding liquidity through incentives and direct retail outreach, including personally contacting some of its top users for feedback. The exchange is running lean, with revenue expected to come from custody and other services alongside trading.
Why it matters
A 2bp taker fee undercuts the published retail schedule at Coinbase and Kraken and rewrites the unit economics of U.S. retail trading. Coinbase's base taker fee sits at roughly 60bps and Kraken's in a similar band, so the gap is not incremental; it is structural. Binance.US is also telegraphing a product expansion that goes well beyond spot, with Gregory saying the company will pursue additional licenses to offer derivatives, perpetual futures and prediction markets once federal oversight clarifies.
The timing matters. CEX spot trading volumes rose for the first time in five months in June, climbing 15.3% to $1.11 trillion, and RWA perpetual volumes hit a record $311 billion. Volume is returning to the sector, and Binance.US is positioning to capture share of that rebound with a cost structure incumbents will struggle to match without bleeding earnings.
Market impact
Gregory's framing of federal agencies as expanding, not retreating from, crypto oversight is the most consequential read for the rest of the U.S. market. If Binance.US can layer a U.S.-licensed perps book on top of a near-zero-fee spot venue, the competitive pressure on Coinbase and Kraken shifts from a price war to a product war.
Frequently asked questions
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What market share is Binance.US targeting?
CEO Stephen Gregory said the exchange is targeting a return to roughly 20% of the U.S. crypto exchange market, the share it held before the broader Binance brand's legal problems froze its growth.
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How low are Binance.US fees now?
Gregory said the exchange charges 0% maker fees and a 2-basis-point taker fee, a structure he called essentially a no-fee exchange that undercuts the roughly 60bp taker fees at Coinbase and Kraken.
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Is Binance.US the same company as Binance.com?
Gregory framed Binance.US as a separate U.S.-only entity with its own governance, licensed exclusively to serve American customers, though it shares a common beneficial owner and brand name with Binance.com.
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What new products does Binance.US plan to launch?
Gregory said the company will pursue additional U.S. licenses to offer derivatives, perpetual futures and prediction markets once federal crypto oversight clarifies.
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How is the broader CEX market performing as Binance.US relaunches?
CEX spot trading volumes rose for the first time in five months in June, climbing 15.3% to $1.11 trillion, while RWA perpetual volumes hit a record $311 billion.
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