Binance.US bets on zero-fee trading to reclaim 20% US share

Binance.US is emerging from a two-year "hibernation" to target a 20% share of the US crypto exchange market, CEO Stephen Gregory said. The company is betting that aggressive fee cuts and a broader product lineup can win back customers lost during a period of severe regulatory setbacks.

To compete directly with established players like Coinbase and Kraken, the exchange has fundamentally restructured its pricing. Gregory said Binance.US now charges 0% maker fees and 2-basis-point taker fees, making it "essentially almost a no-fee exchange." The firm is keeping overhead low by operating with a lean staff. Instead of relying on trading spreads, the company expects to generate revenue primarily from ancillary services like custody.

Rebuilding liquidity is central to this turnaround strategy. Gregory said the exchange is using targeted incentives and direct retail outreach to restore its order books. He noted that management has personally contacted top users for feedback. The ultimate goal is to bring the deep liquidity associated with the global Binance brand to US customers, a move that could force better pricing and tighter spreads across the domestic market.

This expansion relies heavily on a perceived shift in the US regulatory climate. Gregory believes federal agencies are expanding their crypto oversight in frameworks that could support new, more complex product offerings. Binance.US expects to pursue additional licenses for derivatives, perpetual futures and prediction markets, allowing it to move beyond its current spot trading limitations.

The growth push arrives as broader market activity shows concrete signs of recovery. Centralized exchange volumes rose in June for the first time in five months, providing a more favorable demand backdrop. Spot trading climbed 15.3% to $1.11 trillion, while RWA perpetual volumes surged to a record $311 billion.

Structural separation

Despite these ambitious targets, the US entity must still navigate the legal shadow of its parent company. Gregory stressed that Binance.US is a distinct, US-only entity licensed exclusively to serve American customers, operating with its own governance structure. However, it shares a common beneficial owner and brand name with Binance.com. That connection will likely remain a focal point for regulators as the exchange attempts to secure the new licenses required to hit its 20% market share goal.