Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has launched a new program that will allow select individuals and firms to act as its “market makers.”
The program, announced today, is designed to help Binance meet the “growing demand for liquidity in digital assets,” the exchange said in a blog post.
Under the program, market makers will be able to trade on Binance’s exchange using special accounts that offer reduced fees and other benefits. In return, market makers will be required to provide liquidity to the exchange by placing orders that are not immediately matched by another order.
NOTE: WARNING: The Binance Broker Program is a new program that enables individuals to invest in cryptocurrency markets. This program involves a high level of risk and may not be suitable for all investors. Before investing, please ensure that you understand the risks associated with investing in cryptocurrency markets, and seek independent financial advice if necessary.
Binance said it will select participants for the program based on “a number of factors,” including trading volume, account balance and compliance with anti-money laundering (AML) and know-your-customer (KYC) rules.
The launch of the program comes as Binance prepares to launch its own decentralized exchange (DEX), which is scheduled to go live on April 23. The DEX will allow users to trade directly from their own wallets without having to deposit their funds on the exchange.
In addition to the DEX, Binance is also launching a new cryptocurrency called Binance Coin (BNB), which will be used to pay fees on the DEX and will also be available for trading on the DEX and other exchanges.
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