Binance Revises VIP Program: New Spot and Margin Trading Fees for VIP Users
Terrill Dicki Jul 12, 2024 12:20
Binance updates its VIP Program, adjusting spot and margin trading fees for VIP 5-8 users and reducing trade volume requirements for VIP 4 users.
Binance, a leading cryptocurrency exchange, has announced updates to its VIP Program, which will affect spot and margin trading fees for VIP 5 to VIP 8 users. Additionally, the platform will lower trade volume requirements for VIP 4 users. These changes will take effect from July 18, 2024, at 00:00 (UTC), according to Binance.
Key Updates
The primary changes announced include:
- Updates to the Maker and Taker fees for Spot and Margin VIP 5 to VIP 8 users.
- A reduction in the 30-Day Trade Volume requirement for Spot and Margin VIP 4 users from ≥ 100,000,000 USD to ≥ 75,000,000 USD.
These adjustments aim to provide more value and competitive services to Binance users. The standard maker and taker fees, along with the 30-Day Trade Volume requirements, will be reinstated after the offering ends on October 18, 2024, at 00:00 (UTC).
VIP Fee Structure
The updated fee structure will impact the trading volume calculations, which encompass all Spot volumes from Spot, Margin, Trading Bots, Spot Copy Trading, and Convert. These values are calculated in USD equivalents based on the exchange rate under Binance's Multi-Assets mode.
Terms & Conditions
Binance outlined several terms and conditions for the updated VIP Program:
- Spot and margin trading volumes will be tabulated daily between 01:00 (UTC) and 05:00 (UTC). VIP tier and fee adjustments may differ from the trading volume tabulation timings.
- Binance reserves the right to disqualify trades considered to be wash trades, illegal bulk account registrations, or trades that exhibit self-dealing or market manipulation.
- Participants who tamper with Binance program code or interfere with its operation using other software may also be disqualified.
- All trading volume and metrics related to the promotion are measured at Binance's sole discretion.
- Users can find more information on promotional Spot and Margin trading pairs on Binance's website.
- Binance reserves the right to amend or terminate this promotion at its sole discretion for reasons including regulatory changes, legal obligations, anti-money laundering rules, technical issues, user protection, or extraordinary circumstances beyond control.
For more details on how to become a VIP and the associated benefits, users can refer to the VIP and Institutional Services page on Binance's website.
Binance cautions users about potential discrepancies in translated versions of the announcement and advises referring to the original English version for the most accurate information.
Disclaimer: The prices of digital assets are subject to high market risk and price volatility. Investment decisions should be made carefully, considering individual financial situations, investment objectives, and risk tolerance. Binance is not liable for any losses incurred. Past performance is not indicative of future results.
Image source: Shutterstock