The largest crypto exchange, Binance recently launched a new feature that enables Binanciers to transfer funds between Binance accounts with zero transfer fees.
Elaborating the new internal transfer feature, the exchange writes;
If a user withdraws assets from their Binance account to an existing Binance deposit address, this will be recognized as an internal transfer and will be processed without the need for any block confirmations and also have zero transfer fees.
Moreover, the feature can also be enabled and disabled via API. According to Binance, the feature is now live and the fund’s transfer from one Binance account to another Binance account has made free. Notably, a Twitter user who goes by the name “Faheem Shekhani” acknowledge the upgrade and wrote that;
Just tested with other transfer amazing speed the transfers as fast as the DEX now great stuff … keep it up.
According to our conversation with an active trader on Binance, the exchange was charging Transaction Fee of 0.059 TOMO (TomoChain) for a transfer of Tomo token using BEP2 token but with the latest internal feature of Binance, he can transfer funds within exchange with zero fees. In addition, he says that the feature is fully working on all chains at a faster pace.
The announcement was shared by Binance CEO Changpeng Zhao (CZ) who took to twitter and said “Free, instant transfers between Binance accounts”. Undeniably, the feature quickly received the attention of several Twitter users within a short span, many of whom are likely Binance users. Besides, they also appreciated Binance’s new move which sets trader free from the transaction fees.
Image Source – Binance