Binance Revamps Fiat Liquidity Provider Program with New Eligibility Criteria and Incentives
Rebeca Moen Sep 14, 2023 15:56
Binance has updated its Fiat Liquidity Provider Program, focusing on specific fiat markets and a revised performance review mechanism. Starting September 25th, 2023, the program will be restricted to these markets and will offer maker fee rebates based on past trading activity. Eligible markets include TRY and EUR, BRL, GBP, RUB, ZAR, PLN, NGN, UAH, RON, and ARS. Participants must have a 30-day trading volume exceeding 20,000,000 USDT and demonstrate competent liquidity strategies.
Crypto Exchange Binance has announced updates to its Fiat Liquidity Provider Program, slated to come into effect from 25th September 2023 at 00:00 (UTC). The newly introduced changes emphasize a shift in the program's review mechanism and incentives offered to liquidity providers.
Key Highlights of the Program Updates
1. Scope Limitation: The updated program will be restricted only to the specific fiat markets enumerated on Binance.com.
2. Performance Review: From 25th September 2023, liquidity providers will undergo a weekly evaluation based on a revised performance review mechanism. This review will shift from a symbol basis to an individual fiat market basis.
3. Maker Fee Rebates: Starting 2nd October 2023, 00:00 (UTC), rebates on the maker fees will be awarded to liquidity providers. These rebates will be rooted in the past week's trading activity across the chosen fiat markets.
The eligible fiat markets and associated rebates are as follows:
1. TRY and EUR: 2.0% User’s Weekly Spot Maker Volume with a -0.004% Maker Fee Rebate Rate.
2. BRL, GBP, RUB: 1.0% User’s Weekly Spot Maker Volume with a -0.006% Maker Fee Rebate Rate.
3. ZAR, PLN, NGN, UAH, RON: 0.5% User’s Weekly Spot Maker Volume with a -0.010% Maker Fee Rebate Rate.
4. ARS: 0.2% User’s Weekly Spot Maker Volume with a -0.010% Maker Fee Rebate Rate.
The formula for computing a user’s Weekly Spot Maker Volume percentage is as follows:
[User’s Weekly Spot Maker Volume % of the Total Binance Spot Maker Volume in Each Fiat Market] = [Each account’s weekly spot maker volume in each fiat market] divided by [Weekly maker volume in each fiat market on Binance Spot].
It’s further defined that a day spans from 00:00 (UTC) to 23:59 (UTC), while a week commences at 00:00 (UTC) on Monday and concludes at 23:59 (UTC) on Sunday.
Incentives and Eligibility
For the *Qualified Fiat Markets*: Participants will receive maker rebates and regular VIP taker fees on all pairs.
For *Unqualified Fiat Markets*: Participants will benefit from zero maker fees and standard VIP taker fees.
Participation Criteria
Traders who've amassed a 30-day trading volume exceeding 20,000,000 USDT on Binance's Spot and Margin or on other platforms and can demonstrate competent liquidity providing strategies are invited to enroll in the Fiat Liquidity Provider Program. Aspirants are required to submit proof of their trading volume.
It's worth noting that Binance reserves the right to modify the terms and conditions or disqualify participants, especially if an account is implicated in dishonest activities, like wash trading or market manipulation. Additionally, participants not meeting the required standards for three consecutive weeks will be excluded from the program.
The Binance Team concluded the announcement by appreciating the support of its users and directed those seeking more dedicated VIP and Institutional services to a specific link.
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