Binance has announced the launch of its new flagship platform for VIP and institutional users.
- With the new platform, dubbed “Binance Institutional”, the crypto exchange giant aims to upgrade its institutional offerings and services.
- Entities that Binance is targeting with its latest offering include corporates, asset managers, brokers, hedge funds, family offices, high-net-worth individuals (HNWIs), liquidity providers, proprietary trading firms, miners, etc.
- According to the official blog post, Binance will provide institutional execution and over-the-counter (OTC) services, asset management and custody, brokerage programs and liquidity programs.
- It also plans to provide institutional-grade products and services such as trading solutions, produce products, professional services, as well as data and reporting.
- Amid the ongoing crypto market, Binance has managed to stay afloat without cost-cutting efforts, painting a different picture than its rival Coinbase.
- It had earlier disclosed increased investment in talent and acquisitions.
- Recently, Binance signed an exclusive multi-year NFT partnership with Portugal and Real Madrid legend Cristiano Ronaldo.
- The CZ-led exchange is also eyeing a global expansion despite intense scrutiny.
- The chief executive also mentioned the possibility of re-entering South Korea nearly two years after the closure of its Korean branch.
- Last month, Binance received a regulatory approval from the Italian financial regulator – Organismo Agenti e Mediatori (OAM) to operate as a crypto service provider in the country.
- In addition to licenses in Bahrain and Dubai, France’s Autorit des Marches Financiers (AMF) also approved Binance to operate as a Registered Digital Asset Service Provider (DASP).
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