Binance Wallet launches a zero-fee swap promotion, but only users with keyless addresses backed up.
Cryptocurrency Exchange Binance is launching a six-month Zero FEE Swap Promotion for users of Binance wallets (formerly known as Binance Web3 wallets) to attract retailers.
In an announcement on March 17th, the exchange said the offer will only apply to swaps made via Binance Wallet’s integrated swap and bridge capabilities, or via quickbuy on Binance Alpha, a platform within Binance Wallet, with a token that considers listings for future Binance.
Binance noted that “tradees made through third-party Dapps are not eligible.” Retailers may need to pay network gas fees despite Binance giving up its own transaction fees.
“Draft fees for all swaps will be waived during the promotion period, however users will be required to pay network gas fees.”
Binance
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To qualify, users must trade using a backed up keyless address in their Binance wallet. This means that you need to complete the backup process and you cannot use wallets imported with a manually entered private key or seed phrase.
Binance first unveiled the Crypto Wallet in November 2023. In a blog post, the product says it “eliminates tricky seed phrases,” and sees it as better than a self-supporting crypto wallet that supports multi-party computing technology. However, shortly after its launch, Russian users began reporting they were losing access to their wallets.
Binance later addressed the issue, saying access to the wallet was restricted for “regulatory reasons.” The restrictions came after Binance’s decision to leave Russia in September 2023 when it announced plans to sell local businesses in accordance with a set of restrictions, including restrictions on peer-to-peer transactions for Russian users.
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