World's largest Cryptocurrency exchange Binance, has announced the launch of flagship platform for VIP and Institutional users called “Binance Institutional” which is a new suite of trading services offering that includes asset managers, corporates, liquidity providers and proprietary trading firms. Binance is the world’s largest crypto exchange by volume which has $7.7 Trillion in annual exchange volume and 90 million registered users.

In this, the crypto exchange has up scaled its operations through enhancing their services by providing institutional offerings and services to target institutional investors. Through a tweet Binance announced that the platform has decided to launch this solution after “an effort to upgrade its institutional offerings and services.”

VIP program has features like rewarding users with more discounts and other VIP services including trading services directed at institutions, crypto platforms, high-net worth individuals, family offices, hedge funds, asset managers and also crypto miners. Their trading volume increased by the VIP tiers due to this.

The new platform offers certain services for its high rolling clientele, including execution and over the counter (OTC) services like instant crypto pricing and algorithmic trading, asset management services. Asset management and custody are the other features included. Both broker and liquidity program are also being included. Fee discounts and a higher 24-hour withdrawal limit are included in the VIP. Based on the needs of various different institutions the services are customised accordingly.

Institutional-grade products and services including trading solutions, yield products, professional offerings along with data and reporting are being included in the new service. As Binance assures prospective clients on its web pages for the new product range, it will be compliant with regulatory requirements in all jurisdictions. In a company statement, Binance.US CEO Brian Shroder announced that it was eliminating trading fees for customers.

The crypto exchange is working to obtain SOC 2 and ISO-27001 certifications which are essentially both a set of standards ensuring trust, security, compliance and auditing. A total of nine VIO tiers offered by Binance. As per 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. 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 as per the highlights.

Portuguese superstar soccer forward Christiano Ronaldo revealed about a multi-year joint marketing deal with the exchange in which multiple Ronaldo-themed NFT collections will be released every year. 

Indrani bose

CBW - External Analyst

INDIA