Binance Introduces Market Maker Program for High-Volume Users

Published at: Sept. 30, 2019

Major cryptocurrency exchange Binance announced in a blog post published on Sept. 30 that it is launching a market maker program.

According to the announcement, users whose monthly trading volumes exceed 1,000 Bitcoins (BTC) — or can reach such volumes — and who also have quality market making strategies can immediately join the program. Binance explains that the aim of the initiative is to bring more liquidity to the exchange.

A bid for more liquidity

The company says that the program is limited to the spot markets of the trading platform on a “market maker pair list” that will be periodically updated.

Each market maker will be given a score based on their performance across various markets, depending on which the exchange will calculate their fees.

More precisely, the score will take into account maker volumes, bid/offer spread, total order size, order duration, weight adjustment on specific pairs. Binance will require applicants to prove their trading volumes — through methods including providing data from another exchange or by talking with their key account manager.

As Cointelegraph reported in April, competing crypto exchange OKEx also announced its market maker program, with incentives for participants in the form of lower trading fees and reduced transaction costs.

Tags
Related Posts
Platform offers win-win for professional traders and new investors
A social crypto trading platform connects professional traders with new investors — creating a win-win situation. Learning about cryptocurrencies can be a steep learning curve, and according to Tycoon, mastering the art of trading well is also difficult and time consuming. The platform aims to improve accessibility into this flourishing space through the use of API technology — meaning that a trader who is starting out can connect to a more experienced professional and copy their moves in real time. Tycoon says this approach can help newcomers accelerate their educational journey, all while potentially making the process much more rewarding …
Bitcoin / March 26, 2021
Binance Trading Volume Reaches All-Time High Amid Bitcoin’s Price Surge
As the Bitcoin price skyrocketed close to $9000 on April 29, Changpeng Zhao, or CZ, announced that Binance, the world’s largest crypto exchange, has hit $11 billion in trading volume over the past 24 hours. This number is considered an all-time high for the exchange. According to CZ’s post, the last time the exchange came near $11 billion was in early 2018. Today they reached a new record in terms of trading volume. Source: CZ Twitter Post Crypto community is bullish Crypto traders responded positively about the exchange’s ATH volume. Some believe that the trading volume will increase even more …
Bitcoin / April 29, 2020
Binance Poaches Huobi's European and Latin American Business Lead
Binance, the second-largest cryptocurrency exchange by 24-hour volume, has hired an exec from one of its foremost competitor exchanges, Huobi. According to an announcement shared with Cointelegraph on Jan. 30, Binance has hired Josh Goodbody as its new director of European and Latin American growth and institutional business. Prior to joining Binance, Goodbody worked as head of Europe and Americas at Huobi, where in November 2019 he formed the Global Institutional Business department — a team and line of products specifically targeting institutional products, under which the exchange recently launched its Huobi Brokerage platform. Before Huobi, Goodbody worked as a …
Bitcoin / Jan. 30, 2020
CZ: Binance DEX Mainnet to Launch Later in April
Changpeng Zhao, CEO of the world’s second largest crypto exchange by adjusted volume Binance, has revealed that the company will launch its decentralized trading platform later this month. This development was reported by a Cointelegraph correspondent at the Deconomy conference in Seoul. Zhao, most known in the industry as CZ, is attending Deconomy — a crypto conference held in South Korea from April 4-5. Speaking briefly at the panel dubbed “Centralized vs Decentralized,” CZ has made two major announcements. According to CZ, Binance DEX — a decentralized crypto exchange powered by Binance’s blockchain — will become fully available in April. …
Bitcoin / April 4, 2019
Crypto Exchange Binance to Launch Singapore Branch in April, CZ Says
Changpeng Zhao (CZ), CEO of second-largest crypto exchange Binance, has announced that its branch in Singapore will open in April. A Cointelegraph correspondent reported on the development on April 4 from the Deconomy conference in Seoul. CZ took part in Deconomy, which is being held in South Korea from April 4-5, at the panel dubbed “Centralized vs Decentralized.” During the panel, he revealed that Binance’s fiat-to-crypto exchange service in Singapore will be opened later this month, but has not provided any other details regarding the launch. Another major announcement made at Deconomy is related to the launch of Binance DEX …
Bitcoin / April 4, 2019