Binance, a cryptocurrency exchange, has launched its flagship platform for VIP and institutional users. The main platform is known as “Binance Institutional.” This is the cryptocurrency exchange’s means of strengthening and enhancing its services by delivering institutional offerings.
Binance revealed in a tweet that it has decided to launch this solution as part of an “effort to upgrade its institutional offerings and services.”
This VIP program has features such as rewarding customers with additional discounts and other benefits, which has also assisted in increasing their trading volume up the VIP tiers.
This VIP service provides a variety of benefits, including trading services aimed at institutions, crypto platforms, high-net-worth individuals, and so on.
Individuals, family offices, hedge firms, asset managers, and cryptocurrency miners are all eligible. The services are also tailored to the requirements of specific institutions.
Binance Institutional is an effort to improve the services provided to institutions. The cryptocurrency exchange has steered the offering, which includes asset managers, corporations, liquidity providers, and proprietary trading organizations, among others.
As mentioned in the blog post, the platform would also provide over-the-counter services and execution. Other services include asset management and custody, as well as a broker and liquidity program.
The new service offers institutional-level products and services like trading solutions, yield products, professional offerings, data, and reporting.
Despite the industry’s bloodbath, the crypto exchange has indicated ambitions to expand and upgrade its variety of services.
The company has also managed to float through bad times without having to cut costs, which has produced a very positive picture of the corporation.
The exchange has also announced that it intends to increase its spending on both talent acquisition and acquisitions. With R122.5 trillion in annual trading volume and 90 million registered customers, the crypto exchange is the world’s largest crypto exchange by volume.
The program provides VIP benefits, which typically include higher discounts and other such benefits. VIP benefits include fee reductions as well as a larger 24-hour withdrawal limit.
According to Binance CEO Changpeng Zhao (CZ),
”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 has nine VIO tiers in total. According to this, a VIP must have a minimum 30-day transaction volume of 1 million BUSD and a balance of at least 25 BNB.
A level nine VIP also has a 30-day transaction volume of at least R79.5 billion BUSD and a Binance balance of at least R87.5K.
Amid such changes inside the exchange’s ecosystem, there are rumours that the US Securities and Exchange Commission may be investigating the BNB token since it may come under the category of an unregistered security.