Binance Extends Support For Larger Trading Firms With New Sub-Account Feature
Binance has released what it describes as a “long-awaited” feature on its exchange, sub-accounts. Sub-accounts will be accounts that do not have full control over the assets in the trading account – ideal for trading firms who are looking to get into cryptocurrency and firms that are already trading in cryptocurrency with multiple desks.
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.
The feature supports up to 200 sub-accounts per “master” account. The master account is the only account that has full access to the funds of the whole account, enabling it to make withdrawals and deposits without any further authorization.
Binance Continues To Dominate
The master account holder is also able to change permissions for sub-accounts. So the master account can limit the amount of funds that a given trader has access to as well as limit the currencies it can trade in. Sub-accounts are not by default able to know the full balances of the master account nor move between trading and holding balances.
Security is a core principle of our firm, and this principle also underlies the design of this new feature. Account login information has been properly subdivided to maximize security and minimize risk.
The move doesn’t change anything for existing retail traders and smaller operations, but it could further increase volume at the world’s largest exchange if Wall Street firms and the like decide that this is all they were missing in order to enter the crypto trading space. The feature is only available to corporate clients and those with “VIP 3” or higher status.
Corporate and VIP 3 clients receive discounts on trading fees, and when the sub-account feature is used these discounts are passed on to sub-accounts. Binance continues to make efforts to capture as much as it possibly can of the crypto trading market, offering enhanced products like the sub-account feature, a large variety of trade pairs, occasionally taking action against fraud, and being early to create a unified stablecoins market. Not even 2 years old at time of writing, Binance and its BNB token have swiftly moved to the top of most charts, most importantly daily volume transacted, come up against Chinese regulations, and earned a spot at the top of the market as a dominant exchange.
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