Binance, one of the largest cryptocurrency exchanges, has just announced a drastic reduction in its USD withdrawal fees for SWIFT bank transfer facilities. The same set of conditions applies to both retail and corporate users, while USD SWIFT deposits still remain free.
More accessibility and better user experience
This reduction in fee could be a good step towards upgrading accessibility and user experience, thus providing users the most convenient way to operate their USD transactions through the platform. Vice President of Fiat at Binance, Thomas Gregory, said that the move intends to break down the crypto barrier by lowering costs and further improving the user experience at Binance’s platform, which is well known for its world-class security.
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Extending global presence
The exchange has been continuously widening its fiat services, and this present development is only a part of the overall plan of the company to make crypto assets more accessible and to increase the adoption rate of cryptocurrencies worldwide.
The exchange has rolled out the initiative to allow SWIFT USD withdrawals in more than 70 countries, an operation that is accompanied by BPay Global, a licensed entity in Bahrain.
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Benefits for Users
The cut fee is most probably going to benefit the users who regularly withdraw USD from their Binance accounts, thereby making it cheaper to transfer the funds. Since USD SWIFT deposits are still free, users will definitely have a smoother and more efficient experience when handling their USD transactions on this exchange.
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