Binance launches sub-account support for institutional clients
The biggest cryptocurrency exchange in the world, Binance has been on a roll of late and there seems to be no stopping it. The exchange on Thursday announced the launch of the much-anticipated sub-account feature, which brings improved managerial control and asset audit tools to institutional account holders.
As per the blog, this upgrade will serve entities looking to set up multiple trading accounts within one organization and control access on an account level. But the fact remains that the main account retains the sole control over all the sub-accounts and it controls the movements of the assets within the accounts. It also sets permissions and grants different access levels for up to 200 sub accounts.
Another important feature of the sub-account is that each sub-account will have its own set of API limits and this will enable them to trade with more freedom and a higher capacity.
Binance gives high priority to the security concerns of its users and the exchange has taken all the necessary steps to ensure security in the new feature. Account login information has been properly subdivided to maximize security and minimize risk.
The blog further adds that the VIP tiers will be calculated on an aggregate basis, and corresponding discounts will be applied to all sub-accounts.
The new dashboard for the sub-account is very attractive and has all the features in one place. The tabs have been broken down into five tabs which include account management, asset management, order management, transfer history, and login history.
The Account Management tab gives users the ability to create new sub-accounts as well as modify the “working” status, ownership, and security information (passwords, 2FA reset) of the existing ones.
This latest feature is one of the many developments that the exchange is trying to introduce for its corporate accounts.
In another development on Wednesday, Binance announced that it is supporting the virtual reality gaming platform Decentraland in their latest virtual auction. An online virtual reality platform, Decentraland is powered by the Ethereum blockchain, wherein users can build and share 3D models. Creators will be given complete ownership of the “digital space” which will be measured through virtual land parcels, or simply “LAND.”
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