Binance Announces New VIP and Institutional Services Luring Big Investors

Verbal Scuffle Between Binance CEO and WazirX CEO Continues
  • As a VIP, one will get lower fees and a larger daily withdrawal cap.
  • There are nine levels of VIP service available on the exchange.

Crypto exchange Binance has launched “Binance Institutional” for VIP and institutional cryptocurrency investors. An endeavor “to upgrade its institutional offerings and services,” the exchange said.

Multiple Benefits For the Big Players

As described on the Binance Institutional website, the services are suitable for all institutions. High net-worth individuals and mining corporations are among those who fall under the umbrella of asset managers and brokers. Direct access to OTC liquidity, asset management, custody, and brokerage are all available via the new platform.

CZ, the CEO of Binance, stated:

“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.”

By increasing their trading volume, customers may “get rewarded with more discounts and VIP privileges” as they progress through Binance’s VIP program. As a VIP, one will get lower fees and a larger daily withdrawal cap.

There are nine levels of VIP service available on the exchange. Users need at least 1 million BUSD in transaction volume and BNB in their account to qualify as a VIP. A level nine VIP needs to have a BNB balance of at least 5,500 and a 30-day trading volume of at least 5 billion BUSD.

To promote non-fungible tokens, Binance, the world’s largest cryptocurrency exchange by trading volume, said on Thursday that it had inked an agreement with Real Madrid star Cristiano Ronaldo. According to Binance, following a multi-year partnership, the Portuguese soccer player and the cryptocurrency exchange will produce a series of NFT collections that will be sold on Binance’s platform later this year.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.