Cryptocurrency exchange Binance has launched a new platform for VIP and institutional investors. The VIP program allows Binance users to “be rewarded with more discounts and VIP privileges” as their trading volume rises to VIP levels.
Launch of ‘Binance Institutional’
Global cryptocurrency exchange Binance on Thursday announced the launch of “Binance Institutional,” a new platform for VIP and institutional investors in cryptocurrencies. It is one of Binance’s efforts “to upgrade its institutional offerings and services,” the exchange said.
Binance Institutional’s services are designed for all types of institutions, its website describes. They include asset managers, brokers, hedge funds, family offices, proprietary trading companies, liquidity providers, high net worth individuals, and mining companies.
The new platform offers a number of services, including direct access to OTC liquidity, asset management, custody and brokerage.
Binance CEO Changpeng Zhao (CZ) commented:
Brokerage services are well positioned to help our industry bridge some of the gaps between crypto markets and traditional financial markets and fuel the continued growth of digital assets.
The VIP program allows users to “be rewarded with more discounts and VIP privileges” as their trading volume climbs VIP levels, Binance explained. VIP privileges include fee discounts and higher 24-hour withdrawal limits.
The exchange offers nine VIP levels. A VIP must have a 30-day trading volume of at least 1 million BUSD and a balance of at least 25 BNB. A level nine VIP has a 30-day trading volume of at least 5 billion BUSD and a BNB balance of at least 5,500.
Meanwhile, the US Securities and Exchange Commission (SEC) is investigating Binance’s BNB token, claiming it could be an unregistered security.
What do you think about Binance Institutional? Let us know in the comments section.
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