Tech 10 December 2018Dennis Wafula
Binance launches sub-accounts to service institutional investors
Binance has announced the launch of a sub-account feature that brings improved managerial control and asset audit tools for institutional account holders. The new feature will allow these account holders to create up to 200 subsidiary trading accounts under their main account.
According to the announcement made on Thursday, the master account will control activities in the sub-account by granting each of them different permissions and access levels. Each account is designed to have a unique set of API limits, providing more freedom and higher capacity access.
To maintain security on the platform, Binance has made sure that account login information is properly subdivided to maximize safety and reduce any risks that might occur. In addition, the master account can reset 2-factor authentication, remove API keys, orders, and passwords, and freeze and unfreeze specific sub-accounts.
The announcement further explains that because the feature is only available for VIP 3 tier accounts or higher and corporate users, VIP tiers will be calculated on an aggregate basis, allowing corresponding discounts to be applied to all sub-accounts. The new feature will also allow free transactions between sub-accounts.
Binance has created a beautiful dashboard for sub-accounts, and has all the features in one place. The tabs have been broken down into five tabs which include asset management, account management, transfer history, order management, and login history.
The Account Management tab allows users to create new sub-accounts as well as change the “working” status, ownership, and security information of the existing ones.
While explaining why Binance has chosen to create the new feature, Wei Zhou, the CFO of Binance stated:
“We are seeing an influx of institutional accounts in the crypto space and anticipate institutional demand to pick up substantially in the coming months. One of our main focuses is to provide a platform that services the needs of these clients as well as our retail users.”
In addition to this new feature, Binance also recently tweeted that they would be delaying the addition of USD trading pairs with BTC, BNB, and ETH. According to the announcement, the exchange will keep the TUSD/ETH, TUSD/BNB, and TUSD/BTC, trading pairs.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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