Crypto exchange Binance has launched a new platform for VIP and institutional investors. The VIP program allows Binance users to “get rewarded with more discounts and VIP privileges” as their trading volume climbs up VIP tiers.
Launch of “Binance Institutional”
Global cryptocurrency exchange Binance on Thursday announced the launch of “Binance Institutional,” a new platform for VIP and institutional cryptocurrency investors. It’s one of Binance’s efforts “to improve its institutional offerings and services,” the exchange said.
Binance Institutional’s services are tailored for all types of institutions, its website describes. They include asset managers, brokers, hedge funds, family offices, proprietary trading firms, 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 the crypto and traditional financial markets and drive continued digital asset growth.
The VIP program allows users to “be rewarded with more discounts and VIP privileges” as their trading volume climbs into VIP tiers, Binance explained. VIP privileges include fee reductions and higher 24-hour withdrawal limits.
The exchange offers nine VIP tiers. A VIP must have a 30-day trade volume of at least 1 million BUSD and a balance of at least 25 BNB. A level nine VIP has a 30-day trade volume of at least 5 billion BUSD and a BNB balance of at least 5,500.
Meanwhile, the U.S. Securities and Exchange Commission (SEC) is reportedly investigating Binance’s BNB token, alleging it may be an unregistered security.