Market Updates: Binance.US Slashes Spot Trading Fees to Almost Zero, Aave Sees $15B Outflows After Kelp DAO Exploit, Crypto Bill Passes First Reading in Russia

Latest Market Updates: As of 23rd April 2026.

Crypto markets experienced significant developments today, ranging from aggressive fee cuts by Binance.US to major liquidity outflows at Aave following a high-profile exploit. At the same time, Russia advanced its crypto regulatory framework, while Kraken called for reforms to US tax reporting rules.

Binance.US Near-Eliminates Fees for Spot Crypto Trades

Binance.US has introduced a near-zero fee model for spot trading. Specifically, the platform has set maker fees to zero and reduced taker fees to 0.02%, applying these rates across all trading pairs and user accounts.

In addition, the exchange removed its previous tier-based structure, eliminating requirements linked to trading volume or paid subscription levels.

According to the company, the change could cut trading costs by up to 98% compared to competitors. That positioning appears aggressive when measured against industry benchmarks. For instance, Coinbase typically charges between 0.40% and 0.60% for lower-volume users, while Kraken fees start around 0.25% to 0.40% and decline with higher volume.

Overall, the move signals a push by Binance.US to compete on price in an increasingly fee-sensitive market.

Aave Loses $15 Billion in Deposits Post Kelp DAO Hack

Meanwhile, decentralized lending protocol Aave faced substantial liquidity pressure, with approximately $15 billion withdrawn within three days.

In particular, data from Aavescan shows total deposits fell from $45.8 billion on Saturday to $30.8 billion by Wednesday.

This sharp decline followed an attack involving Kelp DAO, in which roughly 116,500 rsETH, valued at about $293 million, was drained via a LayerZero-linked bridge. Subsequently, the attacker used part of these funds to borrow assets on Aave, increasing the protocol’s exposure.

According to the Aave incident report, 89,567 rsETH were ultimately deposited into the system, resulting in potential losses of $123 million to $230 million.

Institutional trading firm Talos linked the outflows to fears of bad debt and contagion. These concerns prompted broader capital flight from DeFi platforms.

Talos also noted that Aave’s v3 WETH pool briefly reached full utilization, limiting immediate liquidity for users. Consequently, confidence in lending protocols came under pressure.

Russian Lawmakers Advance Crypto Oversight Bill in Initial Vote

On the regulatory front, Russia has moved closer to formalizing its crypto framework after its lower house approved a key bill in the first reading on Tuesday.

The draft law, titled “On Digital Currency and Digital Rights,” aims to channel trading through licensed intermediaries under the supervision of the Bank of Russia. If enacted, the framework could take effect as early as July. Meanwhile, unlicensed platforms may face a ban starting in July 2027.

The bill introduces strict listing criteria, requiring cryptocurrencies to meet thresholds for market capitalization, liquidity, and trading history.

Retail investors would also face tighter oversight, including mandatory qualification tests and an annual purchase cap of 300,000 rubles per intermediary.

While the framework permits crypto purchases via foreign accounts if reported to tax authorities, it maintains a ban on using cryptocurrencies for payments, reinforcing Russia’s cautious stance toward digital assets.

Kraken Urges US to Ease Crypto Tax Reporting Rules

Alongside these developments, Kraken has called for reforms to US crypto tax reporting after submitting extensive data to the Internal Revenue Service (IRS).

Specifically, in a Wednesday blog post, the exchange revealed it issued more than 56 million 1099-DA forms for 2025. Notably, a large portion of these filings involved very small transactions.

Kraken reported that 18.5 million transactions were under $1, while about 28 million were $10 or less. Overall, roughly 75% of reported transactions fell below $50. This, the company argues, creates unnecessary administrative burden.

To address this, Kraken proposed a de minimis exemption to exclude small transactions from capital gains reporting. It also criticized taxing staking rewards before sale, arguing that it effectively taxes unrealized income.

According to Kraken, such reforms would benefit around 55 million Americans and better align tax rules with current digital asset usage.