Binance Wallet has launched a six-month zero-fee swap promotion, targeting retail traders who use its backed-up keyless addresses. The promotion, announced on March 17, aims to attract more users by offering fee-free swaps through Binance Wallet’s integrated swap and bridge features.
Zero-Fee Swap Promotion Details
The promotion applies exclusively to swaps made within Binance Wallet and its Binance Alpha platform, which features tokens that may be considered for future Binance listings. However, transactions conducted via third-party decentralized applications (dApps) do not qualify.
While Binance is waiving its own trading fees, users will still need to cover 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 trade using a backed-up keyless address within Binance Wallet. This means that users must complete the wallet backup process and cannot use imported wallets with manually entered private keys or seed phrases.
Binance Wallet’s Evolution and Past Challenges
Binance first introduced its Web3 wallet in November 2023, positioning it as a more user-friendly alternative to traditional self-custodial wallets. The product eliminates the need for seed phrases by leveraging multi-party computation (MPC) technology, enhancing security and usability.
However, shortly after its launch, Russian users reported losing access to Binance Wallet. Binance later clarified that these restrictions were imposed for “regulatory reasons.” This followed the exchange’s decision to exit the Russian market in September 2023, after facing mounting regulatory pressures and limitations on peer-to-peer trading for Russian users.
Binance’s Strategic Move to Capture Retail Traders
With this new zero-fee swap promotion, Binance aims to expand the adoption of its wallet among retail traders. By offering fee-free trading within its ecosystem, Binance Wallet strengthens its position as a user-friendly gateway into the crypto market.
As the exchange continues to refine its offerings, traders will be watching closely to see if Binance Wallet can maintain its momentum and overcome regulatory challenges in different regions.
