Binance expands VIP program to attract existing asset holders.
Binance is changing its VIP program, offering lower fees and other exclusive perks to attract investors from the traditional trading segment.
Under the new program, potential users can earn VIP status on Binance by combining trading volumes of traditional assets such as cryptocurrencies and stocks across various external trading platforms.
Binance is continuing its efforts to win over major traders as Wall Street’s biggest financial institutions scale back their cryptocurrency trading in the U.S. amid heightened regulatory scrutiny.
Previously, to qualify for VIP, Binance customers had to accumulate at least $1 million in monthly trading volume exclusively on Binance’s cryptocurrency trading platform. Now, under the revised criteria, newcomers will be able to consolidate trading volumes of cryptocurrencies and traditional assets on up to two external trading venues to meet the VIP criteria.
The launch of this VIP program comes amid seven consecutive months of decline in Binance’s share of the derivatives market. Binance’s spot trading market share rose from 31.7% in January to 35.7% this month, according to Bloomberg data.
The size of the global derivatives market in February was approximately $2.6 trillion, far exceeding the spot market’s $1.1 trillion. This surge is due to a strong market boosted by the approval and introduction of Bitcoin exchange-traded products in the United States.
Source: https://crypto.news/binance-expands-vip-program-to-attract-traditional-asset-holders/
