Binance launches sub account feature with improved managerial control for institutional account holder
One of the largest cryptocurrency exchanges in the world, Binance, recently announced that they have launched the long-anticipated Sub-Account Feature. The feature will improve managerial control and asset audit tools to institutional account holders.
Binance announced it on their official Twitter account and also shared the details on a Medium post. This feature was added since it was one of the “most-requested features” by the community. According to the post, the upgrade will be serving entities who are looking to “set up multiple trading accounts within one organization and control access on an account level.”
The main or the original account will be having the “sole control” over movement of assets within the accounts. The account will also have the ability to “set permissions and grant different access levels for up to 200 sub accounts.” Also, each sub account will be having its own set of API limits. Therefore, it will enable them to trade with more freedom.
Binance also mentioned in the post, “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.”
Binance gave the details of the new dashboard panel. It has now navigational features and filters and is broken down into five tabs: Account Management, Asset Management, Order Management, Transfer History and Login History.
Users will be able to create new sub accounts and modify “working” status, ownership, and security information of the existing ones, from the Account Management tab. Asset Management tab allows master accounts to instantly transfer funds between the linked sub accounts at absolutely zero cost.
The Order Management tab gives all the information about current Open Orders, Order History and Trade History. The Transfer History tab gives information about when assets are transferred and parties who are involved in such transactions.
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