Binance, one of the leading cryptocurrency exchanges, has announced updates to its Fiat Liquidity Provider program. The program will now include the addition of MXN and CZK markets, providing more options for liquidity providers. The update will take effect on April 10, 2024.
Binance is constantly working to improve its services and provide better options for its users. In accordance with this commitment, exchange made significant updates to its Fiat Liquidity Provider program.
Starting April 10, 2024, Binance will add MXN (Mexican peso) and CZK (Czech crown) markets to the Fiat Liquidity Provider program. This expansion aims to offer more opportunities for liquidity providers to participate and contribute to the platform.
In addition to the new markets, Binance has also implemented a performance review mechanism for liquidity providers. Under this mechanism, vendors will be reviewed weekly based on their performance. This assessment will help ensure the quality and effectiveness of the liquidity provided.
To incentivize liquidity providers, Binance will distribute producer fee rebates based on their trading performance in selected fiat markets. Effective April 16, 2024, liquidity providers will receive discounts for their trade performance from the previous week. The rebate amount will be determined by the user’s weekly spot maker volume as a percentage of Binance’s total spot maker volume in each eligible fiat market.
The updated Fiat Liquidity Provider program offers various incentives for participants. Qualifying entrants will receive manufacturer discounts and standard VIP pick-up fees on all pairs in eligible markets. On the other hand, non-qualified participants will enjoy zero creation fees and standard VIP pickup fees on all fiat pairs in these markets.
To join the Fiat Liquidity Provider program, users must have a 30-day trading volume of over 20,000,000 USDT equivalent on Binance Spot and Margin or other platforms. They must also demonstrate quality liquidity provision strategies. Interested users can apply for a trial period by providing proof of their trading volume to mmprogram@binance.com or by contacting their sales team or key account coverage.
It is important to note that Binance reserves the right to disqualify trades that are deemed to be clean trades or involve illegal mass account registrations, as well as trades that exhibit attributes of self-dealing or market manipulation.
Binance continues to prioritize the security and integrity of its platform, and these updates to the Fiat Liquidity Provider program are aimed at promoting a stable and efficient trading environment for its users.
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