cryptovest.com
Major cryptocurrency exchange Binance has released a new feature for institutional investors. Dubbed Sub-Account, the update will allow entities to set up multiple trading accounts under one profile and provide control access on an account level.
“At Binance, we strive to fulfill the needs of our users and to constantly improve the user experience. The ability to have sub accounts was one of our most-requested features — we have been working on this functionality and are happy to now offer this to our institutional accounts,” Binance said in a blog post on Thursday.
The exchange went on to detail that a single institution may have up to 200 sub-accounts, each retaining its own set of API limits to allow for high capacity trading. The organization’s main account will have sole control over the movement of assets between sub-accounts, and be able to grant each of them different access levels and permissions.
Binance further provided a table summarizing the difference between master and sub accounts, as well as practical information regarding the updated dashboard panel, its navigational features and filters. The exchange also noted that account login information had been “properly subdivided to maximize security and minimize risk”.
Based on Binance’s existing institutional account structure, the new Sub-Account feature is already available to corporate users and individuals with VIP 3 tier (or higher) accounts.
Binance has recently outlined its plans to lay the groundwork for the anticipated increase of institutional clients. To cater to the needs of its user base, especially at peak periods, the exchange said it would focus on technological improvements.
Earlier this week, Binance made another notable announcement. The company shared a second demo reel for its decentralized crypto trading platform (DEX) scheduled for launch in the first quarter of 2019.