Crypto Exchange Referral Codes: Why the Virtual Currency Industry Gives Away 20% and Nobody Complains

Last month a friend asked me why Binance would pay him 20% of his trading fees back. He assumed there was a catch. There is a catch, but it is not the one he was looking for - and understanding what it actually is will change how you read every referral offer in the crypto exchange industry. Let me start with the number that surprised him. ## The 20% nobody pays for

Authors

Publication Details

Journal
Zenodo (CERN European Organization for Nuclear Research)
Published
2026-11-04
DOI
https://doi.org/10.5281/zenodo.23955413
Primary Topic
Blockchain Technology Applications and Security
Type
article
Field-Weighted Citation Impact
0.00
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article

Crypto Exchange Referral Codes: Why the Virtual Currency Industry Gives Away 20% and Nobody Complains

Yinghui Chen
Zenodo (CERN European Organization for Nuclear Research)
Blockchain Technology Applications and Security
article

Crypto Exchange Referral Codes: Why the Virtual Currency Industry Gives Away 20% and Nobody Complains

Yinghui Chen
article en

Abstract

Last month a friend asked me why Binance would pay him 20% of his trading fees back. He assumed there was a catch. There is a catch, but it is not the one he was looking for - and understanding what it actually is will change how you read every referral offer in the crypto exchange industry. Let me start with the number that surprised him. ## The 20% nobody pays for

Zenodo (CERN European Organization for Nuclear Research)
Openalex Percentile: Top 10%
Blockchain Technology Applications and Security
DOIOpen Access PDFOpenAlex
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Crypto Exchange Referral Codes: Why the Virtual Currency Industry Gives Away 20% and Nobody Complains — Yinghui Chen · Zenodo (CERN European Organization for Nuclear Research) (2026) | TGRS Research Map | TGRS