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Binance, the world’s largest crypto exchange by trading volume, is expanding its product line with a new institutions-focused offering. The company announced that it will be launching an advanced platform for VIP clients and institutional investors to trade cryptocurrencies called Binance Institutional.
The company announced the launch of the new product via a tweet using the new Binance Institutional Twitter account. The exchange cited the need to upgrade its offerings to the institutional segment of its clientele as the reason for the creation of the new platform.
“Binance is launching #BinanceInstitutional, a new flagship platform for VIP and institutional users, in an effort to upgrade its institutional offerings and services,” the exchange announced using the new Binance VIP and Institutional Twitter account.
The tweet also contained a link to the new Binance Institutional webpage, which bills itself as a trusted platform in digital assets for institutions. “Built by the world's largest digital asset exchange, Binance Institutional offers unparalleled access to digital asset solutions for VIP clients and institutions,” the brief description reads.
The webpage also highlighted the tailored solutions built specifically for institutions being offered by the new platform. These include execution and OTC services, asset management and custody, broker program, and liquidity program. However, Binance Institutional won’t be available to customers of Binance.US.
The world’s largest crypto exchange by volume, Binance posted $7.7 trillion in annual exchange volume and a 24-hour trading volume peak of $100 billion. The exchange has around 90 million registered users worldwide.
In contrast to many of its rivals, Binance has been expanding its operations and products during the current bear crypto market, according to Coindesk. Aside from launching its new institutional investors-focused platform, Binance CEO Changpeng “CZ” Zhao revealed during the Consensus 2022 that the company is planning to hire more employees.
Binance also announced that it has removed trading fees for Bitcoin (BTC) spot market trades for U.S.-based users. Binance.US has removed fees on four spot market pairs such as BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD.
“We hope our pricing model sees broader industry adoption over time because that would have a positive impact on the ecosystem and market participants overall,” Shroder addedBinance.US CEO Brian Shroder said. “We are happy to lead the race to zero fees everywhere. See you on @BinanceUS.”
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