BNB Chain and KuCoin have decided to offer KuCoin users with Zero Fee Promotion for USDT-BEP20 withdrawals in the BNB Chain. The offer comes as USDT trading volumes have seen a surge amid investor demand.
According to the official announcement by the platform, the offer will be valid for one month.
Zero Gas Fee USDT: How Will User Cash This?
Up to four free USDT-BEP20 withdrawals per day are available to each user during the event period, with a minimum withdrawal amount of 20 USDT per transaction. Customers will be able to save money on gas every day because the free withdrawal limits are reset every 24 hours.
The offer comes in the backdrop of USDT volumes being high as investor confidence in stabecoins has reached new highs. Despite looming uncertainties around illicit trading, Stabecoins have garnered enough market attention to establish themselves as a potential alternative to popular cryptocurrencies like Bitcoin.
KuCoin Faces Troubles With FTX
The news around free USDT comes just a few days after KuCoin made headlines after it was involved in FTX troubles. According to reports, KuCoin has been sued by Alameda Research, a division of the defunct cryptocurrency exchange FTX, to recover more than $50 million in frozen assets.
The case was submitted to the U.S. Bankruptcy Court for the District of Delaware on October 28. Court documents state that since FTX’s demise in November 2022, KuCoin has kept these funds locked. Due to market fluctuations, the assets’ initial value of roughly $28 million has now increased.
Allegedly KuCoin is violating bankruptcy laws by refusing to return the assets. They are requesting a reimbursement of the money as well as additional compensation for the delays.
The news also comes just a couple of days after KuCoin was facing troubles with South Korean regulators.
BNB Chain Tries Maximizing Growth
The decision to provide zero gas fee USDT stays in line with BNB Chain’s current expansion plans. Previously, 35 early-stage projects have been chosen for the eighth season of the Most Valuable Builder (MVB) Accelerator Program by blockchain ecosystem BNB Chain.
According to BNB Chain, this initiative, which was carried out in partnership with Binance Labs and CMC Labs, intends to assist Web3 builders by giving them the tools and direction they need to be successful in the blockchain industry.
In order to onboard the next billion users into the decentralized internet space, these organizations are coordinating their resources and expertise.