Binance, the largest cryptocurrency exchange globally, launches a new platform, especially for institutional and VIP investors. The platform is called ‘Binance Institutional’, which aims to offer upgraded services to the most profitable segment of its user base. The company tweeted that it is their attempt to up their institutional offerings and services. Using ‘Binance Institutional’ also brings additional rewards and perks to investors, which has also helped the exchange increase its trading volume.
What does ‘Binance Institutional’ offer?
The target audience of Binance’s new platform are corporates, asset managers, liquidity providers, and trading firms. It will offer OTC (over-the-counter) services, trade execution, and a broker and liquidity program. There are also a lot of other offerings which will cater to the needs of the target audience, like yield products, data reporting, and trading solutions.
Other than these, there are also special perks like fee discounts and higher withdrawal limits to use the platform. Now, you might wonder who is qualified to use the platform as a VIP? Well, Binance says that there are 9 VIP triers. The minimum requirement is a 1 million BUSD trading volume in 30-days and at least 25 BNB balance in their account. The higher VIP (level 9) needs a minimum trading volume of 5 billion BUSD in 30-days and a BNB balance of at least 5,500.
Binance is the largest cryptocurrency exchange in the world, with a trading volume of $7.7 trillion annually. It was established in 2017 by Changpeng Zhao and had Cayman Islands registration because after being initially headquartered in China, Binance had to move out due to increased regulation in the country.
The United States Department of Justice and Internal Revenue Service both opened investigations against Binance in 2021 on claims that it had engaged in money laundering and tax evasion. In June 2021, Binance ceased all regulated operations in the UK, according to a directive from the country’s Financial Conduct Authority.
Recently, the platform has started to take regulations seriously and has bagged operational licenses in many countries. For example, Italy and Dubai recently awarded licenses to Binance. It is also looking to get licenses from Sweden, Spain, Switzerland, the Netherlands, and many more nations.
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