EddieJayonCrypto
29 Feb 24
Binance, the world's largest cryptocurrency exchange, has announced a new VIP program targeting traders from traditional markets to expand its user base. The program allows users to apply for VIP status based on aggregated trading volume. While Binance's derivatives market share has declined, its sp...
Binance, the world's largest cryptocurrency exchange, has announced a new VIP program targeting traders from traditional markets to expand its user base. The program allows users to apply for VIP status based on aggregated trading volume. While Binance's derivatives market share has declined, its spot trading market share has increased. VIP program participants will receive competitive trading fees and exclusive invitations. Binance has faced regulatory scrutiny in the past and recently agreed to a $4.3 billion settlement. Additionally, the price of Binance Coin (BNB) has surged to the $416 price level.
As Binance faces increasing competition and regulatory challenges in the crypto space, to expand its user base, the world’s largest cryptocurrency exchange by trading volume has announced the launch of a new VIP program targeting traders from traditional markets. According to a Bloomberg report, the initiative aims to attract new users by allowing them to apply for VIP status based on their aggregated trading volume of cryptocurrencies and traditional assets from external trading venues. The exchange calls this new play a strategic push to lure traders from traditional markets, many of whom have recently withdrawn from cryptocurrencies due to regulatory uncertainty.
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