TL;DR
- Binance launches new VIP program to attract traders from traditional markets by allowing them to combine their crypto and conventional asset volumes from external platforms.
- VIP members enjoy reduced fees and exclusive benefits such as private events and special promotions, as Binance seeks to make it easier for them to transition into the crypto market.
- Binance Coin (BNB) rises to $411, its highest price since April 2022, following the settlement of legal issues and the surge in popularity of Bitcoin spot ETFs.
In a bid to attract traders from traditional markets, Binance, the world’s largest cryptocurrency exchange, has unveiled a new VIP program. This initiative enables newcomers to join Binance’s VIP program by consolidating their cryptocurrency and conventional asset volumes, such as equity, from various external trading platforms.
The latest incentive program represents a renewed attempt by the leading cryptocurrency exchange to draw in substantial traders, following the retreat of several prominent Wall Street trading firms from the US cryptocurrency market due to regulatory pressures.
In the past, to qualify for VIP status on Binance, users were required to have a minimum aggregated monthly trading volume of $1 million on the platform’s direct crypto trading exchange. The new program, however, allows new users to include their aggregated monthly trading volume combined with both crypto and traditional assets from up to two trading venues outside Binance.
VIP members will benefit from reduced trading fees and exclusive benefits, such as invitations to private events and special promotions. This improvement comes on the heels of Binance’s recent settlement of $4.3 billion with US regulators over legal issues, including violations of anti-money laundering laws.
Binance Aims to Close the Gap between Traditional and Digital Assets
Catherine Chen from Binance highlighted the growing demand for cryptocurrencies, particularly with the surge in popularity of Bitcoin Spot ETFs, and expressed a desire to make it easier for traders of traditional assets to transition into the crypto market.
As the price of Bitcoin approaches its record high, currently at USD 62,630, Binance Coin (BNB) has also experienced a notable increase, reaching $411, at the time of the announcement. This is its highest price since April 2022, with a 7.53% rise over the past week, reflecting Bitcoin’s performance.
According to Catherine Chen, head of Binance VIP and institutional:
“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. In our latest VIP Invitation program expansion, we aim to help high-volume users of traditional assets platforms reduce their entry barriers to cryptocurrencies.”
Binance’s (BNB) newly introduced VIP program aims to bridge the gap between global finance and the world, and it is expected to counteract the instability of the cryptocurrency market.
The company has recently resolved a legal dispute, and this initiative has given BNB a boost. BNB is currently trading at $398, marking a 7% increase, a surge that has not been seen in the last 7-8 months. Discover more about the reasons behind today’s cryptocurrency market rally.
