Binance Revamps Fee Structure, Tightens VIP Broker Perks
Highlights
- Binance will overhaul its fee structure starting July 1, impacting the favorable conditions previously available to prime brokers.
- The revised fee structure will drive traders to transact directly with Binance, reducing the need for intermediaries.
- Prime brokers like Bequant will need to reconsider their business strategies as they lose the ability to offer lower trading fees.
Binance cryptocurrency exchange will revise its fee structure effective July 1. This marks a significant shift away from the favorable conditions previously offered to prime brokers, potentially redirecting traders directly to Binance’s platform.
Binance Revises Fee Structure for Prime Brokers
Under the new fee structure, Binance will adjust the privileges that prime brokers once enjoyed through the Link Plus program. This program previously allowed brokers to offer reduced trading fees based on aggregated trading volumes, thereby securing more attractive rates for their clients than based on individual trading volumes alone. This change aims to streamline trading fees, which could diminish the competitive edge brokers held and encourage traders to deal directly with Binance.
Furthermore, the modification in fee structure is expected to impact brokers like Bequant, which had integrated the favorable fee tiers into its business model. Now, these brokers might have to reassess their strategies as their ability to offer lower fees was a key component of their appeal to traders.
Also Read: TRON Founder Justin Sun Dumps 173M TRX To Binance, Price Dip Ahead
Firm Acts Against User Account Misuse
Additionally, the exchange has announced a series of measures intended to enhance the security and integrity of its trading platform. The firm has implemented new initiatives to thwart misuse and ensure compliance with its standards. These changes underscore Binance’s ongoing commitment to safeguard user transactions and maintain a secure trading environment.
The company has also taken action against specific exploitations where users have manipulated account features to gain undue advantages, such as superior fee rates or higher API limits. By closing these loopholes, the cryptocurrency exchange reinforces its dedication to fair and secure user trading conditions.
In line with its efforts to comply with global regulations, Binance has been actively securing necessary certifications and licenses. A notable step in this direction is the recent acquisition of the Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). Following this, Binance introduced procedures on June 26 for UAE residents to transition their accounts from the global Binance exchange to the Binance FZE exchange. This move aligns with regulatory requirements and localizes Binance’s services to meet specific regional standards.
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