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The Launch of Binance’s New VIP Invitation Program
In a bid to attract traditional asset traders, crypto exchange Binance announced the introduction of its new promotion on February 28. The VIP Invitation Program is specially designed for high-volume traditional asset traders looking to venture into cryptocurrency trading. Here are the details of this exciting new initiative:
What’s the VIP Invitation Program?
Binance’s VIP Invitation Program is a pioneering move in the crypto exchange space, aiming to provide benefits for traditional asset traders. This program enables new users to qualify for VIP status by aggregating the volume of their traditional assets or cryptocurrencies traded across external platforms.
How Does It Work?
For new Binance users, the eligibility criteria involve submitting aggregate volumes from up to two crypto and/or traditional financial exchanges. This initiative opens up the opportunity for traders who deal with high volumes in crypto or traditional assets on other platforms to gain VIP status on Binance. The promotion is set to conclude on 28/05.
More details about the program can be found here.
Qualification Criteria
To participate in the VIP Invitation Program, users need to achieve 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. Specifically, trading volumes over a 30-day period on other exchanges should meet or exceed $1 million BUSD on spot markets or $15 million BUSD on futures markets. BUSD is a 1:1 USD-backed stablecoin issued by Paxos in partnership with Binance.
Benefits and Duration
Eligible users who meet the criteria will receive an immediate upgrade to a higher VIP level on the exchange for a duration of two months. Additionally, they may qualify for subsequent VIP upgrades and benefits by fulfilling certain requirements.
Response from Binance
Catherine Chen, the head of Binance VIP and Institutional, expressed the exchange’s commitment to enabling high-volume users of traditional assets to reduce their entry barriers to cryptocurrencies. She highlighted the increasing market demand for cryptocurrencies and the narrowing gap between traditional and digital assets.
Attention to Non-Crypto Traders
This move is in line with Binance’s consistent efforts to attract niche groups of traders and broaden its user base. The exchange has previously launched initiatives such as a tri-party banking agreement for institutional investors and an institutional branch to cater to various user groups. This reflects the industry’s growing interest in bridging the gap between traditional and digital assets.
On February 27, Kraken, a rival crypto exchange, responded to the excitement surrounding the approval of spot Bitcoin ETFs in the U.S. by launching an institutional-focused segment of its platform.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
