Binance, a crypto exchange has created a platform that allows institutional and VIP investors to invest in cryptocurrency. The VIP program allows Binance users to “get rewarded with more discounts and VIP privileges” as their trading volume climbs up VIP tiers.
‘Binance Institutional’ Launched
Global cryptocurrency exchange Binance announced Thursday the launch of “Binance Institutional,” a new platform for VIP and institutional cryptocurrency investors. It is one of Binance’s efforts “to upgrade its institutional offerings and services,” the exchange said.
Binance Institutional’s services are tailored for all types of institutions, its website describes. You can find them in asset managers and brokers as well as hedge funds, family offices or proprietary trading companies. They also provide liquidity providers for high-net worth individuals.
This new platform provides a variety of services including OTC liquidity access, asset management, custody and brokerage.
Changpeng Zhao, Binance CEO (CZ), commented
Our industry is well-positioned to bridge the gap between crypto and traditional financial markets, and continue digital asset growth.
The VIP program allows users to “get rewarded with more discounts and VIP privileges” as their trading volume climbs up VIP tiers, Binance explained. VIP privileges offer fee discounts as well as higher withdrawal limits for 24 hours.
Nine VIP tiers are available on the exchange. An VIP should have at minimum a 30 day trade volume of 1,000,000 BUSD, and at most 25 BNB. An elite VIP at level 9 must trade at least five billion USD per month and have at least 5,500 BNB.
Meanwhile, the U.S. Securities and Exchange Commission (SEC) is reportedly investigating Binance’s BNB token, alleging that it could be an unregistered security.
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