For months, Binance has been allowing free withdrawals in Brazil for promotional purposes. However, it is likely to be closed soon. It was announced that Brazilians would now have to pay a certain amount per transaction.
According to reports, from September 1, 2021, Binance will withdraw the fee-free trading clause and introduce fees. It is estimated that the fee per transaction will be an amount equivalent to R$2.60 or $0.50. Binance is currently the largest crypto exchange in the world. Binance Review Has always been excellent and is likely to remain so in future as well. Apart from Brazil, the rest of South America took advantage of cost-free transactions.
Binance announced this on August 26, 2021 via an official post on Portuguese-Brasil. R$2.60 is likely to be the fixed amount for all transactions. This will create competition for other companies. The largest of Binance’s competitors is Mercado Bitcoin. It charges R$2.90 flat and an additional 1.99% of the total withdrawal.
As per the official announcement, the zero withdrawal fee offer will be suspended soon. Binance is planning to adjust its withdrawal fees to 9:00 am (BRT) BRL from September 01, 2021.
Being the largest platform in the domain, Binance has kept the zero withdrawal clause active for longer than anticipated. It was also surprising to hear of gracious extension from time to time. Reportedly, the proposal came into force before the end of 2019. It was extended in January, April and June respectively to maintain the confidence of the users. With regard to the reason behind the termination, Binance has not made any official announcement.
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