New rules for Binance VIP program
Binance, the largest crypto exchange by trading volumes, has renewed the terms of its VIP program. Now the VIP level will be available to users whose balance is at least 25 BNB. Also, users must have at least 15 million BUSD in futures trading or at least 1 million BUSD in spot trading in 30 days.
Calculations will be implemented in the BUSD stablecoin created by Binance and Paxos. The trading volume requirement for each VIP level will be reduced by 77% for the futures market and by 83% for the spot market.
The updates will allow new users to gain the VIP level faster and start enjoying its privileges: lower transaction fees, extended withdrawal limit and many others.
Binance continues to gain popularity around the world. The number of exchange users has multiplied during the past year. Changcheng Zhao, the head of the company, is making significant efforts to develop Binance. Now his main goal is to obtain licences from regulators in different countries and open the central office of the exchange.
Zhao considers several countries to place the representative office of the exchange. The Binance headquarters office may appear in France, Ireland or the UAE. Moreover, the company is going to establish a new branch in Indonesia.
Binance is also interested in creating uniform regulatory rules for the crypto market. In the late autumn, the company published a list of rules that can become the basis for further development of regulation for the cryptocurrency market.