New VIP Invitation Program by Binance for Traditional Asset Traders
Crypto exchange Binance has introduced a new promotion called the VIP Invitation Program, specifically aimed at traditional asset traders. This initiative allows new users to qualify for Binance’s VIP Invitation Program by aggregating the volume of their conventional assets or cryptocurrencies from external trading platforms.
VIP Invitation Program Details
- Binance claims that this promotion is the first of its kind among major crypto exchanges and is designed specifically for high-volume traditional asset traders.
- New users can participate in the program by achieving a 30-day combined spot or futures trading volume in crypto or traditional assets that meets the existing trading volume criteria in the Binance VIP Program.
- To qualify, a user’s trading volumes on other exchanges over a 30-day period should meet or exceed $1 million BUSD on spot markets or $15 million BUSD on futures markets. BUSD is a USD-backed stablecoin issued by Paxos in partnership with Binance.
- Eligible users will receive an immediate upgrade to a higher VIP level on the exchange for two months. They may also qualify for subsequent VIP upgrades and benefits by completing certain requirements.
Binance’s Focus on Non-Crypto Traders
Binance has consistently launched initiatives targeting specific groups of traders to expand its user base. For example:
- In November 2023, the exchange finalized a tri-party banking agreement, allowing institutional investors to secure their trading collateral in fiat through a third-party banking partner.
- Since mid-2022, Binance has operated an institutional branch catering to users such as asset managers, brokers, hedge funds, family offices, liquidity providers, and proprietary trading firms.
Rival Exchange Kraken’s Response
In response to the recent approval of spot Bitcoin ETFs in the U.S., rival exchange Kraken launched an institutional-focused segment of its platform on February 27.
Hot Take: Binance Expands Reach to Traditional Asset Traders
Binance’s new VIP Invitation Program demonstrates its commitment to broadening its user base and attracting traditional asset traders to the world of cryptocurrencies. By allowing users to qualify for VIP status based on their trading volumes from external platforms, Binance aims to reduce entry barriers and bridge the gap between traditional and digital assets. This move comes as the market demand for cryptocurrencies continues to grow, with the successful listing of bitcoin spot ETFs. With this promotion, Binance is positioning itself as a leading exchange catering not only to crypto enthusiasts but also to traders from traditional financial markets.
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