Binance, a leading cryptocurrency exchange, announced an update to its Fiat Liquidity Provider Program. This program will include MXN and CZK as new markets for liquidity providers. The update will go into effect on April 10th, 2024.
Binance strives to improve its services and offer better opportunities for users. The exchange, in line with its commitment to this goal, has updated the Fiat Liquidity Provider Program.
Binance is adding the MXN (Mexican Peso), and CZK markets (Czech Koruna), to its Fiat Liquidity Provider Program, starting April 10, 2024. This expansion will provide more opportunities for liquidity provider to contribute and participate on the platform.
Binance, in addition to the launch of new markets, has implemented a mechanism that evaluates performance for liquidity providers. This mechanism will review providers on a weekly basis based on performance. This will ensure that the liquidity is of high quality.
Binance will offer rebates on maker fees based upon the trading performance of liquidity providers across selected fiat markets. From April 16, 2024 onwards, liquidity providers can expect to receive rebates based on their trading performance from the previous week. The rebate amount is determined by the weekly spot maker volumes of each user as a percent of Binance's total spot maker volume on the eligible fiat markets.
Fiat Liquidity Provider Program is a new program that offers a variety of incentives to participants. Participants who qualify will receive standard VIP taker and maker fees for all pairs in the fiat markets that are eligible. Unqualified participants, on the other hand will receive zero maker fees as well as standard VIP takers fees for all pairs of fiat in these markets.
Users who wish to join the Fiat Liquidity Provider Program must have traded more than 20,000,000 USDT on Binance Spot & Margin, or any other platform in the past 30 days. The user must also demonstrate quality liquidity strategies. Interested users can apply for a trial period by providing proof of their trading volume to mmprogram@binance.com or contacting their sales or key account coverage team.
Binance reserves its right to disqualify any trades deemed as wash trades, or involving illegal bulk account registrations. This includes trades displaying attributes of self-dealing and market manipulation.
Binance prioritizes the security and integrity on its platform. These updates to the Fiat Liquidity Provider Program aim to foster a robust trading environment that is efficient for its users.
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