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Despite the “Crypto Winter”, Binance Launched a New Platform for VIP Investors
2022/06/29By:
Binance, the world’s largest cryptocurrency exchange, is launching a platform for VIP investors because other market participants are curled up in the “crypto winter”.
CoinShares analysist believes that after institutional traders sold Bitcoin at a record rate last week, Binance aims to upgrade the services provided by the company to high net worth individuals (HNWIs), family offices and hedge funds.
In a statement on the company’s website, Binance CEO Changpeng Zhao said that Binance is planning to add brokerage services on its new platform. “These services can completely help our industry fill some gaps between cryptocurrency and traditional financial markets, and promote the continuous growth of digital assets.”.
Binance did not Respond to the National’s Request
UBS, a Swiss bank, said that high inflation and rising interest rates were forcing home offices and high net worth people to reconsider their asset allocation. It said that more than 200 largest single family offices in the world manage about $493billion in net assets, and the average net assets of individual families are about $2.2 billion.
However, regulators are urging investors to pay attention to risks if they consider entering decentralized assets such as cryptocurrencies. Wai-Lum Kwok ,senior executive director of financial technology Financial Services Regulatory Authority, told the national newspaper this month:” from the perspective of financial institutions, the challenge is to adopt DeFi (decentralized Finance) in the way of maintaining regulatory obligations to customers.
“From the customer’s point of view, they need to understand the risks before investing in the DeFi field.”
According to CoinMarketCap data, the top five cryptocurrencies by market value have lost more than half of their value since the beginning of this year.
So far this year, the two largest digital currencies – Bitcoin and Ethereum – have plummeted by 55% and 67% respectively.
Analysts said that this sharp decline marked the beginning of the “crypto winter”, which has never been seen since 2018. At that time, Bitcoin fell by 80%, and then it took more than a year to find another peak.
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New Platform of Binance
According to the report on the website of Binance, the new platform of Binance provides execution and over-the-counter (OTC) services, including real-time cryptocurrency pricing and algorithm trading, asset management services and Binance broker plan, so that enterprise customers can use Binance technology to serve their own businesses.
VIP investors’ privileges include fee discounts and higher 24-hour withdrawal limit. Currently, the withdrawal limit of authenticated users is 100 Bitcoin. Despite the bear market, Binance is still launching products, expanding its workforce, and reaching deals with soccer player Cristiano Ronaldo and others to promote non-fungible tokens.
According to Bloomberg, the move was made when Coinbase, Binance’s largest competitor, and BlockFi , a cryptocurrency lender, planned to cut their labor force by 20%.
In a recent interview with Bloomberg, Mr. Zhao said he wanted Binance to be “an adult in the room”. In the absence of an official headquarters for many years, the CEO has established a base camp in Dubai. He is trying to obtain the approval of the regulatory authorities to allow Binance to operate in jurisdictions around the world.
In March, Dubai passed the Dubai virtual assets supervision law, which aims to create an advanced legal framework to protect investors, provide international standards for the governance of the virtual assets industry, and promote the responsible business growth of the emirate.
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