Binance is changing its VIP program to attract investors from conventional trading sectors, offering them lower fees and other exclusive privileges.
Under the new program, prospective users can qualify for VIP status on Binance by combining trading volumes from cryptocurrencies and traditional assets, such as stocks, across various external trading platforms.
Binance continues efforts to captivate significant traders following a trend where notable financial institutions from Wall Street have scaled back their cryptocurrency dealings in the U.S. due to increasing regulatory scrutiny.
Previously, to achieve VIP status, Binance clients were required to accumulate a minimum of $1 million in monthly trading volume exclusively on Binance’s crypto trading platform. The revised criteria now permits newcomers to amalgamate trading volumes from cryptocurrency and conventional assets across a maximum of two external trading venues to meet the VIP threshold.
The launch of this VIP program occurs amidst a decline in Binance’s share of the derivatives market for the seventh month in succession. According to data from Bloomberg, Binance’s spot trading market share has climbed to 35.7% this month from January’s 31.7%.
The global derivatives market saw volumes of approximately $2.6 trillion in February, significantly outpacing the spot market’s $1.1 trillion. The surge is attributed to the buoyant market, bolstered by the approval and introduction of Bitcoin exchange-traded products in the United States.
