Coinone Joins Fee-Cutting Fray in South Korea
South Korean cryptocurrency exchange Coinone has eliminated trading fees across all assets, effective immediately and lasting until further notice. This move is part of a fee-cutting competition among exchanges, following Korbit's decision to waive trading fees on all Korean won market assets for one year starting August 24.
The voucher benefit allows users to trade all assets without fees for 30 days from the date of issuance and can be reissued without any eligibility or frequency restrictions. Coinone will also host a 'Daily Trading King Ranking Competition' with a total prize pool of 70,000 Tether (USDT) over four weeks.
The fee-free competition among exchanges is raising concerns about price wars and deteriorating profitability amid shrinking trading volumes. While eliminating trading fees can boost trading volume and user acquisition in the short term, it may increase profitability burdens for exchanges relying on trading fees as their primary revenue source.