Binance announced the launch of “Binance Institutional,” a new platform for VIP and institutional crypto investors. The exchange said it wants “to upgrade its institutional offerings and services.” Quite likely, Binance only wants to increase trading volumes in this difficult period by offering different privileges to “lucrative” clients.
Binance states that “this VIP service is offering a host of attributes such as trading services directed at institutions, crypto platforms, high-net worth individuals, family offices, hedge funds, asset managers and also crypto miners”. You can read the whole information provided by Binance here.
Here are the main features promoted by Binance. Its website describes services that are tailored for all types of institutions.
Binance CEO Changpeng Zhao states that “brokerage services are well-positioned to help our industry bridge some of the gaps between the crypto and traditional financial markets and drive continued digital asset growth.”
Although the statement sounds credible, the project could be just another marketing trick. Exchanges are now suffering many difficulties and are obviously trying to find new customers as well as not to show weakness in front of the whole world. Even in its statement on the new platform, it mentions that “the company has also managed to drift through difficult times without the need to curtail their cost which has painted quite a positive picture about the company” (despite the fact that there is plenty of evidence to the contrary — you can read it here and here), which means that “showing-off” is at least one of the purposes of the project.