Binance Announces Updates to Spot Liquidity Provider Program

Jessie A Ellis Aug 26, 2024 11:22

Binance is set to update its Spot Liquidity Provider Program on September 9, 2024, introducing new benchmarks and qualifications.

Binance, one of the world's leading cryptocurrency exchanges, has announced significant updates to its Spot Liquidity Provider Program, effective from September 9, 2024. These changes aim to enhance the value and competitiveness of services offered to users, according to Binance.

Key Highlights

The updates introduce several noteworthy changes:

1. The Weekly Maker Volume Percentage Requirement benchmark for Tier 4 will be revised from 2.0% to 1.0%.

2. A new qualification path will be introduced, allowing an account to qualify as Tier 1 by achieving either 25,000,000 USD equivalent in Weekly Maker Volume or meeting a 0.05% Weekly Maker Volume Percentage Requirement.

3. The Maker Fee (Rebate) ratio for Tier 4 will be adjusted from -0.01% to -0.008%.

4. The trial period for new participants who join via Manual Application will be extended from three weeks to four weeks.

5. These new qualification requirements and trial setting changes will take effect on September 9, 2024, while the new Maker Fee (Rebate) ratio change will be effective from September 17, 2024.

Participation Methods

• Automatic Participation: Users whose Weekly Maker Volume meets or exceeds Tier 1 requirements will be automatically enrolled in the Binance Spot Liquidity Provider Program.

• Manual Application (trial period): Users with a 30-day Maker Volume that does not meet Tier 1 requirements but have a trading volume of over 20,000,000 USD equivalent on Binance Spot market can apply for a four-week trial period. During this period, they will enjoy Tier 1 maker fee rebates. Interested users can apply by emailing mmprogram@binance.com or contacting their Key Account Coverage or sales representative to provide proof of eligibility.

Terms and Conditions

• The program is limited to the spot and margin pairs listed on Binance.com.

• Participants whose account performance does not qualify them for any eligible program tier for three consecutive weeks will be removed from the program.

• Binance reserves the right to disqualify any participants who tamper with the program code or interfere with its operation using other software.

• Participants involved in dishonest behavior, such as wash trading, illegally bulk registered accounts, self-dealing, or market manipulation, will be disqualified.

• Binance reserves the right to amend or vary these Terms and Conditions, eligibility criteria, the selection and number of winners, and the timing of any actions at its sole discretion for various reasons, including:

  • Changes in applicable regulations or policies;

  • Legal obligations;

  • Anti-money laundering or combating financing terrorism rules;

  • Technical issues beyond Binance's control;

  • Protecting users from potential losses;

  • Protecting Binance's reputation;

  • Extraordinary events or circumstances beyond control (force majeure).

• For more dedicated VIP and Institutional services, users can refer to Binance's VIP Institutional Services.

• Discrepancies may exist in translated versions of this announcement. Users should refer to the original English version for the most accurate information.

Binance continues to adapt its offerings to meet the needs of its diverse user base, ensuring competitive and valuable services in a rapidly evolving market.

For the official announcement, visit Binance.

Image source: Shutterstock

• binance
• spot liquidity provider program
• cryptocurrency
• exchange