Binance, one of the world’s leading crypto exchanges, has recently announced a significant expansion of its VIP Invitation Program. This expansion marks a strategic move by Binance to attract a broader user base, specifically targeting individuals who are actively involved in trading traditional assets such as stocks, bonds, and commodities.
The initiative aims to capitalize on the growing interest in cryptocurrencies among traditional finance (TradFi) participants, offering them access to Binance’s VIP program based on their combined trading volumes across both crypto and traditional asset markets.
Binance elevates traditional trading with VIP invitation expansion
Binance today announced a new promotion for its VIP Invitation Program, making it more easier for new customers trading cryptocurrencies and/or traditional assets on other platforms to join Binance VIPs. This can be done by aggregating their spot or futures trading volume on both crypto and traditional assets across up to two trading platforms.
On February 28, the exchange announced an extended VIP program, claiming it was the “first of its kind” given by a major cryptocurrency exchange catering to high-volume traditional asset traders.
The incentive allows new platform users to join with a 30-day aggregate spot or futures trading volume in cryptocurrencies or traditional assets that meets the Binance VIP Program’s existing trading volume requirements.
According to the statement, eligible customers will be instantaneously raised to one VIP level higher than their trading volumes on other exchange(s) for two months on the crypto exchange, and they may be eligible for subsequent VIP upgrades and benefits by completing certain requirements.
The VIP Program is intended to improve the trading experience for high-volume users by providing a variety of exclusive benefits and privileges, such as highly competitive VIP fee structures and discounts, tailored solutions, customized and flexible trading configurations, and invitations to private industry campaigns and events.
The future of VIP trading
According to the press release, Binance VIP members are set to receive exclusive key account coverage and support from Binance’s VIP team, which includes crypto native specialists and TradFi experts with decades of industry-leading experience servicing high-volume clients.
Catherine Chen, the head of Binance VIP and Institutional, stated that the rise of popular crypto acceptability has played a significant impact in extending user prospects.
As cryptocurrencies continue to gain acceptance, we are committed to bringing the best-in-class experience for high-volume and sophisticated users. The successful listing of bitcoin spot ETFs and their inflows not only demonstrates that there is clear market demand for cryptocurrencies, it also shows any gap between traditional and digital assets is closing.
Our global VIP and Institutional team made up of TradFi and crypto specialists have expertise catering to the needs of VIP users and delivering white-glove and end-to-end service. In our latest VIP Invitation program expansion, we aim to help high-volume users of traditional assets platforms reduce their entry barriers to cryptocurrencies.
Catherine Chen
This is just one of Binance’s many initiatives aimed at reaching out to a certain group of traders in order to attract a larger audience. Binance signed a tri-party banking arrangement in November 2023, allowing institutional investors to store their trade collateral in fiat with a third-party banking partner.
Since mid-2022, Binance has had an institutional branch for users like as asset managers, brokers, hedge funds, family offices, liquidity providers, and proprietary trading organizations.
How to apply for the VIP program
1. New Binance users must contact [email protected] or send a screenshot or video of their 30-day aggregate spot or futures trading volume from up to two trading venues to their sales or key account coverage manager.
Please remember that application-proof trade volumes must be within 90 days of filing. User proofs from two platforms should show trading volumes within the same timeframe.
2. Users can only qualify for the promotion if their 30-day aggregate spot or futures trading volume meets Binance VIP Program standards. Applications may take two business days to review.
3. If approved, successful applicants will be instantly upgraded to one VIP level higher than their trading volumes on other exchanges on Binance for two months.
Source: https://www.cryptopolitan.com/binance-rolls-out-vip-program-for-tradfi-traders/