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Binance, a leading cryptocurrency exchange, is revamping its VIP program to appeal to investors from traditional trading sectors, offering them lower fees and exclusive privileges.
New Qualification Criteria
Under the new program, prospective users can attain VIP status on Binance by combining trading volumes from cryptocurrencies and traditional assets, such as stocks, across various external trading platforms.
Expanded Opportunities
The move comes as Binance aims to attract significant traders amid a trend where notable financial institutions from Wall Street have scaled back their cryptocurrency dealings in the U.S. due to increasing regulatory scrutiny.
“With TradFi interest in crypto ramping up, @BinanceVIP team has introduced a new program for high-volume traders. You can now use trading volumes from up to 2 other crypto or TradFi platforms to gain VIP status.”
Revised Requirements
Previously, clients were required to accumulate a minimum of $1 million in monthly trading volume exclusively on Binance’s crypto trading platform to achieve VIP status. The revised criteria now permit newcomers to combine trading volumes from cryptocurrency and conventional assets across a maximum of two external trading venues to meet the VIP threshold.
Market Dynamics
The launch of the VIP program coincides with a decline in Binance’s share of the derivatives market for the seventh consecutive month. Despite this, Binance’s spot trading market share has climbed to 35.7% this month from January’s 31.7%, according to Bloomberg data.
The global derivatives market saw volumes of approximately $2.6 trillion in February, significantly surpassing the spot market’s $1.1 trillion. This surge is attributed to the buoyant market, bolstered by the approval and introduction of Bitcoin exchange-traded products in the United States.
Conclusion
As cryptocurrency markets evolve, Binance adapts to meet the changing needs of investors. The revamped VIP program offers expanded opportunities for traders across both crypto and traditional asset classes. Stay informed about the latest developments in the cryptocurrency industry by exploring more articles on Global Crypto News.
