Richard

United

2024

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Binance is changing its VIP program to attract investors from conventional trading sectors, offering them lower fees and other exclusive privileges.&nbsp; 
Under the new <a href="https://www.prnewswire.com/news-releases/in-industry-first-binance-expands-its-vip-invitation-program-to-invite-users-trading-traditional-assets-302074145.html" target="_blank" rel="noopener">program</a>, prospective users can qualify for VIP status on Binance by combining trading volumes from cryptocurrencies and traditional assets, such as stocks, across various external trading platforms.&nbsp; 
Binance continues efforts to captivate significant traders following a trend where notable financial institutions from Wall Street have scaled back their cryptocurrency dealings in the U.S. due to increasing regulatory scrutiny. 
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 With TradFi interest in crypto ramping up, <a href="https://twitter.com/BinanceVIP?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@BinanceVIP</a> 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. More here 👉 <a href="https://t.co/7DrkpWXFpE" target="_blank">https://t.co/7DrkpWXFpE</a> <a href="https://t.co/xP9q6taM1h" target="_blank">pic.twitter.com/xP9q6taM1h</a>— Richard Teng (@_RichardTeng) <a href="https://twitter.com/_RichardTeng/status/1762857511584240035?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 28, 2024</a>
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 You might also like: <a href="https://crypto.news/prosecutors-ex-binance-ceo-must-surrender-passport/"> Prosecutors want ex-Binance CEO to surrender passports ahead of sentencing </a> 
Previously, to achieve VIP status, <a href="https://crypto.news/binance-labs-bitcoin-babylon-chain/">Binance</a> clients were required to accumulate a minimum of $1 million in monthly trading volume exclusively on Binance’s crypto trading platform. The revised criteria now permits newcomers to amalgamate trading volumes from cryptocurrency and conventional assets across a maximum of two external <a href="https://crypto.news/binance-labs-bitcoin-babylon-chain/">trading venues</a> to meet the VIP threshold. 
The launch of this VIP program occurs amidst a decline in Binance’s share of the derivatives market for the seventh month in succession. According to data from <a href="https://www.bloomberg.com/news/articles/2024-02-28/binance-to-lure-non-crypto-traders-with-new-vip-program" target="_blank" rel="noopener">Bloomberg</a>, Binance’s spot trading market share has climbed to 35.7% this month from January’s 31.7%.&nbsp; 
The global derivatives market saw volumes of approximately $2.6 trillion in February, significantly outpacing the spot market’s $1.1 trillion. The surge is attributed to the buoyant market, bolstered by the approval and introduction of Bitcoin exchange-traded products in the United States. 
 Read more: <a href="https://crypto.news/bitcoin-60000-price-analysis/"> Bitcoin hits $60k for first time since November 2021 </a>

Binance expands VIP program to attract traditional asset holders

crypto.news

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