Within a time-limited promotion, new users could aggregate volume from not only crypto but also their traditional spot or futures trading venues to qualify for Binance VIP status and benefits.
The crypto exchange Binance on Feb.27 introduced a new promotion feature for its VIP Invitation Program, enabling new customers to become Binance VIPs by aggregating a required spot or futures trading volume on both cryptocurrencies and traditional assets from up to two trading venues.
The offer was limited in time and lasted between Feb. 27 and Feb.28. Eligible users could receive a VIP+1 level upgrade for two months upon successful entry into the program. They may also further qualify for additional VIP+1 benefits by meeting select requirements.
The VIP Invitation Program is a seamless way for users with large trading volumes on other exchanges than Binance to become Binance VIPs and gain exclusive benefits. The latter include competitive VIP fee structures and discounts, bespoke solutions, customized and flexible trading configurations, and exclusive invitations to private industry campaigns and events. Binance VIP users also receive dedicated key account coverage and are supported by Binance’s VIP team of crypto native specialists and TradFi experts.
The Invitation Program gives new customers a faster way to start trading with Binance and provides a range of benefits and rewards for being part of the Binance ecosystem. To become a member and be upgraded to the relevant VIP tier, one must submit proof of their latest 30-day trading volume on other exchanges that meets the exchange’s requirements. The trading volume must be equal to or higher than 1 million USD equivalent on spot markets or 15 million USD equivalent on futures markets.
Earlier, the eligibility requirements were referring exclusively to cryptocurrency trading. However, the new policies, even though applied in a limited time period, extended the target audience to the owners of traditional assets. This is a noteworthy effort to bridge the worlds of digital and traditional assets. In fact, this is the first time such a program offered by a major cryptocurrency exchange caters to high-volume traders of traditional assets.
Binance had a rough 2023 year, marked by its CEO, Changpeng Zhao, stepping down, pleading guilty to settle a years-long U.S. illicit finance probe. However, the crypto exchange still managed to demonstrate user growth last year, despite numerous litigation with regulators.
Moreover, Binance and Gulf Innova, a subsidiary of Gulf Energy Development, in January announced that their joint venture, the Binance Thailand crypto exchange, is open for trading. The exchange continues to develop new initiatives to attract more users and regain customer trust after such a serious blow to its reputation.
