Binance launches VIP program tailored for non-crypto traders with special benefits

Binance launches VIP program with special benefits tailored for non-crypto traders. The plan aims to give users more trading advantages and personalized services, and attract more non-cryptocurrency traders to join the Binance platform. PHP editor Youzi will introduce you to the features and advantages of this new program in detail, so that you can understand how to benefit from Binance’s VIP services.

According to Bloomberg, the initiative aims to attract new users by allowing users to apply for VIP status based on their combined trading volume in cryptocurrencies and traditional assets on external exchanges.

Binance targets traditional traditional traders with new program

According to the report, the exchange described the new initiative as a strategic move to attract traders from traditional markets, including many who have recently exited the cryptocurrency market due to regulatory uncertainty.

Traditionally, Binance requires users to have a cumulative monthly trading volume of at least $1 million on its platform to qualify for VIP status.

However, under the new plan, new users can combine the total monthly trading volume of up to two external trading venues with cryptocurrencies and traditional assets.

Notably, Binance’s derivatives market share has declined for seven consecutive months, according to a report by CCData, a data company specializing in the cryptocurrency industry. However, the company also noted that Binance’s market share in spot trading has increased to 35.7% this month from 31.7% in January.

The surge in spot trading volumes can be attributed to the growing popularity of Bitcoin exchange-traded funds (ETFs) and the convergence of traditional and digital assets.

Reduced fees and exclusive benefits

According to a report by Bloomberg, Binance’s VIP program participants will enjoy competitive trading fees based on their status, with VIP 9 users enjoying significantly reduced fees. Additionally, VIP traders will allegedly receive exclusive invitations to private promotions and industry events.

It’s worth mentioning that Binance has faced regulatory scrutiny in the past, with some VIP traders involved in lawsuits filed by U.S. regulators, including the Commodity Futures Trading Commission (CFTC).

Binance recently agreed to pay a $4.3 billion settlement following a plea deal approved by a U.S. judge, and its founder Changpeng Zhao (CZ) accepted a guilty plea to charges involving anti-money laundering (AML) and sanctions violations.

Catherine Chen, VIP and Head of Institutions at Binance, highlighted the growing demand for cryptocurrencies, with the Bitcoin Spot ETF at the forefront of a surge in investor interest and a narrowing gap between traditional and digital assets.

Chen said:

"In our latest VIP invitation program expansion, we are targeting high transaction volumes aimed at assisting users of traditional asset platforms to lower their barriers to entry into cryptocurrencies."

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