Binance lowers its fee structure as BNB prices surge

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After a steady increase in the market valuation of Binance Coin, Binance DEX announced it would lower its fee structure.

Binance DEX June 12, 2019.Success leads to lower fees.

Since the low of Dec. 7, 2018, when Binance Coin was trading at $4.12, it has experienced a massive bull rally that has taken its market valuation up 760 percent to reach a high of $35.50 on May 25, 2019.

The optimism surrounding Binance, one of the biggest cryptocurrency exchanges by trading volume, stems from its ability to continue adding value to the industry despite the 2018 cryptocurrency market downturn.

In early January, the firm announced Binance Launchpad, which is an exclusive token launch platform to help entrepreneurs raise funds for new crypto projects with the support of its user base.

Shortly after the announcement, on Jan. 28, Binance Launchpad conducted its first initial exchange offering of 59.8 billion BitTorrent tokens, worth roughly $7.2 million.

Changpeng Zhao, CEO and founder of Binance, suggested the sale could have ended in just seconds if it were not for technical issues caused by the "User agreement confirmation" button in Launchpad.Both sessions concluded.

Even though the cryptocurrency exchanged experienced a security breach on May 7 involving 7,000 BTC valued at around $40 million, the transparency it has maintained with its users allowed it to receive a vote of confidence by investors-which is still reflected in the price of Binance Coin.Not the best of days, but we will stay transparent.

Now, due to the significant market valuation increase that BNB has experienced in the last couple of months, the chain validators approved to lower the fee structure on Binance Chain by 50 percent.

Following the announcement, Binance Coin surged approximately 6.50 percent from $31.80 to $33.90.