The cryptocurrency exchange Binance is in the latest news on our DC Forecasts crypto news site – this time for revealing a new feature that will aid institutional investors on the platform.
As the exchange announced on Thursday, the feature will allow institutions to set multiple trading accounts for each firms – and different accounts will be given different levels of access and control. The firms’ main accounts will be able to control the sub-accounts and grant them permissions as needed.
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As Binance noted, a single institution may have up to 200 sub-accounts. In addition to this, Binance will allow different sub-accounts to transfer funds with no fees, as well as unique API limits per sub-account. This means that the exchange will be able to receive trading activity that is at a greater capacity than currently.
The new sub-account system is based on Binance’s existing institutional account structure where institutions must be tagged as Tier 3 or above in order to set up these accounts.
With this, institutional investors will be able to oversee their trades, create as well as edit their own API keys and place their own orders. Meanwhile, the main accounts will allow viewing of all data, transfering funds between accounts and cancelling any and all orders placed.
Binance is definitely aiming at attracting more and more institutional investors to its platform, and this move is a clear sign of that.
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