Binance, the most popular crypto exchange, has introduced a new trading program. The new program targets high profile (VIP) investors and institutions.
Binance VIP program rewards Binance users with increased discounts and VIP privileges. Rewards and benefits come as users progress through the VIP levels. According to the Exchange platform, upgrading the offerings and services of institutions is important. It became the basis for realizing Binance’s goal to grow.
As information is available on the website, the services offered by Binance Institutional are flexible. Each individual or institution can adapt to meet their specific needs. However, these individuals and businesses only include individuals with high value. Targeted entities include asset managers, brokers, hedge funds, and family offices. In addition, proprietary trading companies, liquidity providers, and mining companies also make the list.
Privileges of the VIP platform
The newly developed platform provides users with access to a variety of services. Some of the services include direct access to OTC liquidity, asset management, holdings, and brokers.
Binance CEO Changpeng Zhao (CZ) made the following comments:
Brokerage services are in a good position to help our sector close the gap. He pushes crypto and traditional financial markets closer together. Thus, driving the continued expansion of digital assets.
The Binance VIP program allows users to be “rewarded with discounts and VIP privileges.” However, this only happens when the client’s trading volume increases, as mentioned in the explanation of the exchange program. VIP benefits include reduced service charges as well as a 24 -hour total withdrawal limit.
The exchange has a total of nine different VIP levels. Users can achieve VIP status if 30 days transaction volume at least 1 million BUSD. In addition, the balance must be at least 25 BNB. The ninth level VIP has a BNB balance of at least 5,500 and a 30 -day trading volume of at least 5 billion BUSD.
Binance on probe by SEC
Meanwhile, the U.S. Securities and Exchange Commission (SEC) is investigating BNB tokens because the allegations are unlisted securities.
A Binance representative said that as the industry has evolved, they have worked hard to follow the new regulations. In addition, Binance has educated and supported law enforcement and regulators. The representative said he would continue to comply with all regulatory obligations. However, the individual did not comment on the specifics of the alleged investigation.
Various entities in the U.S. are seeking Binance. The Department of Justice, the Commodity Futures Trading Commission (CFTC), and the Internal Revenue Service are all looking for Binance. Also, the market -making companies that work with Binance are facing investigation from the SEC. However, the world’s largest DEX claims to have no permanent office anywhere.
According to people familiar with the review, Binance US is a US-based international exchange affiliate. It majored in operations in the US. The SEC wants to determine whether Binance.US is autonomous over all international exchanges and whether there are workers who can engage in insider trading.
Changpeng Zhao asked the SEC’s intentions
The U.S. SEC has inquired about Binance’s original token, BNB, according to Binance CEO CZ. BNB’s initial coin offering (ICO) in July 2017 was investigated by authorities, as the exchange was revealed earlier this month. To date, Binance has not received a cow. However, continue to communicate with the appropriate authorities about the matter.
Since 2017, the SEC has taken a swipe at Binance. The purpose is to determine whether BNB is a security breach during the ICO. However, to date, regulators have not decided on the matter. Binance US also faces lawsuits against Luna and Terra. However, the case was not handled by the authorities. However, investors who lost money on Luna and Terra suffered.
Investors believe that Binance misled them about the stability of Terra and Luna coins. Surprisingly, Binance appears to have anticipated the probe. He earned millions of dollars on the world’s top cyber forensics team.