Binance to Lure Non-Crypto Traders With New VIP Program
Binance is introducing a new VIP program to attract traders from traditional markets, as the world’s largest cryptocurrency exchange loses market share.
The program allows new users to apply using their aggregated volume of cryptocurrencies and traditional assets from other external trading venues.
Normally, users need at least $1 million aggregated monthly trading volume on the exchange’s platform that trades crypto directly to become a VIP.
New users can include their aggregated month trading volume combined with both crypto and traditional assets from up to two trading venues outside Binance.
The program is being launched at a time when Binance’s derivatives market share fell for a seventh consecutive month, but the data firm noted that Binance’s market share in spot trading has increased to 35.7% this month from 31.7% in January.
VIP traders at Binance receive competitive trading fees based on their status, with VIP 9 having the highest fees at only one basis point.
(With inputs from Shikha Singh)
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