Binance Wallet unveils a zero-fee swap initiative, exclusively for users with backed-up keyless addresses.
The cryptocurrency exchange Binance is rolling out a six-month zero-fee swap initiative aimed at attracting retail traders using its Binance Wallet (previously known as Binance Web3 Wallet).
In a March 17 announcement, the exchange clarified that this promotion applies solely to swaps executed through the integrated swap and bridge functionalities of Binance Wallet, or via quick buy in Binance Alpha—a section of Binance Wallet that showcases tokens possibly eligible for future listings on the platform.
Importantly, Binance noted that transactions conducted via external dApps will not be eligible for this promotion. Although Binance is forgoing its trading fees, retail traders may still incur network gas fees.
“During the Promotion Period, trading fees for all swaps are waived. However, users will still need to pay for network gas fees.”
Binance
To participate, users must engage in trades utilizing a backed-up keyless address within Binance Wallet. This means completing the backup process and not relying on imported wallets with manually entered private keys or seed phrases.
Binance initially introduced its crypto wallet in November 2023, stating in a blog post that it “eliminates tricky seed phrases” and is superior to traditional self-custodian crypto wallets due to its support for multi-party computation technology. However, shortly after launch, some users in Russia reported losing access to their wallets.
Subsequently, the company addressed this issue, explaining that wallet access was restricted for “regulatory reasons.” This limitation followed Binance’s decision to exit the Russian market in September 2023, during which it announced plans to divest its local operations due to a series of regulatory challenges, including restrictions on peer-to-peer trading for Russian users.