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Crypto exchange Binance has launched a new platform for VIPs and institutional investors.Under the VIP program, as trading volumes climb the VIP tier, Binance users will be “more rewarded with more discounts and VIP privileges”.
Binance Institutional” was launched
Global cryptocurrency exchange Binance announced the launch of theBinance Institutional on Thursday. Binance Institutional“. This is Binance’s new platform for VIPs and institutional investors. This is one of Binance’s efforts to “upgrade its institutional offering and services,” the exchange said.
Binance Institutional’s services are described on its website as tailored for all types of institutions. This includes asset managers, brokers, hedge funds, family offices, proprietary trading firms, liquidity providers, high net worth individuals, and mining companies.
The new platform will offer a number of services including direct access to OTC liquidity, asset management, custody, and brokerage.
Changpeng Zhao (CZ), CEO of Binance, commented:
Brokerage services help our industry bridge some of the gaps between crypto and traditional financial markets and are well positioned to facilitate the continued growth of digital assets.
With the VIP program, users are “rewarded with more discounts and VIP privileges” as their trading volume climbs the VIP tier, Binance explains. VIP privileges include reduced fees and higher 24-hour withdrawal limits VIP privileges include reduced commissions and higher 24-hour withdrawal limits.
The exchange offers nine VIP tiers: VIPs must have a minimum 30-day trading volume of 1 million BUSD and a minimum balance of 25BNB; BNBmust be at least 25BNB; and BNBmust be at least 25 BNB. Level 9 VIPs must have a 30-day volume of at least BUSD 5 billion and a balance ofBNBBNB with a balance of at least 5,500.
Meanwhile, the U.S. Securities and Exchange Commission (SEC) is reportedly investigating Binance’sBNBtokens, claiming the BNBtokens may be unregistered securities.
Image credits: Shutterstock, Pixabay, Wiki Commons, Iryna Budanova
