The cryptocurrency exchange Binance is now launching flagship platform for VIP and Institutional users. This flagship platform is called “Binance Institutional”. This the crypto exchange’s way of upgrading its operations by improving and also enhancing their services by providing institutional offerings.
Binance announced through a tweet that the platform has decided to launch this particular solution after “an effort to upgrade its institutional offerings and services.”
This VIP program has features such as it rewards users with more discounts and other privileges, this has also helped increase their trading volume up the VIP tiers.
This VIP service is offering a host of attributes such as trading services directed at institutions, crypto platforms, high-net worth individuals, family offices, hedge funds, asset managers and also crypto miners. The services are also customised according to the needs of various different institutions.
Features Of ‘Binance Institutional’
Binance Institutional is an attempt to upgrade the services offered to the institutions. The crypto exchange has directed the offering which include asset managers, corporates, liquidity providers and also proprietary trading firms and so on.
Mentioned in the blog post, the feature of the platform shall also offer over-the-counter services and provide execution. Other features include asset management and custody, there is also inclusion of both broker and liquidity program.
The new service provides institutional-grade products and services that include trading solutions, yield products, professional offerings along with data and reporting.
Despite the major bloodbath in the industry, the crypto exchange has displayed plans of expanding an upgrading their range of services.
The company has also managed to drift through difficult times without the need to curtail their cost which has painted quite a positive picture about the company.
The exchange has also stated that it had plans to increase investments for procuring talent as well as acquisitions. The crypto exchange is the world’s largest crypto exchange by volume with $7.7 Trillion in annual exchange volume and with 90 million registered users.
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VIP Privileges Offered To ‘Binance Institutional’
The program offers VIP privileges which primarily include rewards with more discounts and other similar benefits. The VIP privileges include fee discounts and also a higher 24-hour withdrawal limit.
Binance CEO Changpeng Zhao (CZ) states,
Brokerage services are well positioned to help our industry bridge some of the gaps between the crypto and traditional financial markets and drive continued digital asset growth.
Binance offers a total of nine VIO tiers. According to this, a VIP is needed to have a 30-day trade volume of a minimum of 1 million BUSD and a balance of at least 25 BNB.
It also mentions that a level nine VIP has a 30-day trade volume along with at least 5 billion BUSD and a Binance balance of a minimum of 5,500.
Amidst such developments happening within the exchange’s ecosystem, there are alleged rumours that the U.S Securities and Exchange Commission could be carrying out an investigation of the BNB token as the token could fall under the category of unregistered security.
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Featured image from UnSplash, chart from TradingView.com