Binance Rolls Out VIP Program for Traditional Market Traders

Binance, the world's top crypto exchange by volume, has launched a VIP program to attract traders from the traditional finance sector. This move, reported by Bloomberg, seeks to broaden Binance’s clientele amidst growing competition and regulatory scrutiny. The new VIP scheme encourages traditional market traders to join by considering their combined trading volumes from cryptocurrencies and other assets, even from outside platforms.

Traditionally, achieving VIP status on Binance required a minimum of $1 million in monthly trading volume exclusively on Binance. The revised program allows new members to include trading activity from up to two other platforms, blending crypto with traditional investments. This change comes as Binance's derivatives market share dips for the seventh month, according to CCData. Despite this, its spot trading market share has risen to 35.7%, partly due to the rising interest in Bitcoin ETFs and the blending of digital and traditional assets.

VIP participants will enjoy lowered trading fees and exclusive perks, including invites to private events and promotions. This enhancement follows Binance's recent $4.3 billion settlement with US regulators over legal issues, including anti-money laundering violations. Catherine Chen of Binance emphasized the increasing demand for cryptocurrencies, especially with the rising popularity of Bitcoin Spot ETFs, and aimed to lower the barrier for traditional asset traders moving into crypto. As Bitcoin's price edges close to its all-time high, currently at USD 62,630, Binance Coin (BNB) has also seen a significant uptick, reaching $411. This marks its highest price since April 2022, with a 7.53% increase over the last week, mirroring Bitcoin’s performance.