Binance, one of the leading cryptocurrency exchanges, has announced an update to its Fiat Liquidity Provider Program. The program will now include the MXN and CHF markets, providing more options for liquidity providers. The update will take effect on April 10, 2024.
Binance is constantly working to enhance its services and provide better opportunities for its users. In line with this commitment, exchange has made significant updates to its Fiat Liquidity Provider Program.
Starting on April 10, 2024, Binance will add MXN (Mexican Peso) and CHF (Czech Koruna) markets to the Fiat Liquidity Provider Program. This expansion aims to provide more opportunities for liquidity providers to participate and contribute to the platform.
In addition to the new markets, Binance has also implemented a performance review mechanism for liquidity providers. Under this mechanism, providers will be reviewed weekly based on their performance. This assessment will help ensure the quality and efficiency of liquidity provided.
To incentivize liquidity providers, Binance will distribute maker fee rebates based on their trading performance in selected fiat markets. Effective April 16, 2024, liquidity providers will receive a discount based on their previous week’s trading performance. The rebate amount will be determined by the user’s weekly spot maker volume as a percentage of total Binance spot maker volume in each eligible fiat market.
The updated Fiat Liquidity Provider program offers various incentives for participants. Eligible participants will receive manufacturer discounts and standard VIP buyer fees on all pairs in eligible fiat markets. On the other hand, disqualified participants will enjoy zero maker fees and standard VIP taker fees on all fiat pairs in those markets.
To join the Fiat Liquidity Provider Program, users must have a 30-day trading volume equivalent to 20,000,000 USDT on Binance Spot and Margin or other platforms. They should also demonstrate strategies that provide quality liquidity. Interested users can apply for a trial period by providing proof of their trading volumes at mmprogram@binance.com or by contacting their sales or key account coverage team.
It is important to note that Binance reserves the right to disqualify trades that are deemed wash trades or involve illegal wholesale account registrations, as well as trades that exhibit qualities of self-dealing or market manipulation.
Binance continues to prioritize the security and integrity of its platform, and these updates to the Fiat Liquidity Provider Program aim to foster a robust and efficient trading environment for its users.
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