Binance exchange, one of the top cryptocurrency exchanges in the market and indeed the largest of them all in terms of trading volume, has taken a step further in consolidating its position in the market by launching a brand new feature. This feature would allow its premier clients like institutional investors and traders at the topmost tier. Its latest press release from 6th December, 2018, has put forward this exciting news and continues the slew of interesting announcements we have been hearing from Binance of late.Last month itself, we had reported how the Binance CEO is optimistic about crypto adoption in 2019, and has been referring to possible rolling out of new projects and moves.
Now, with the announcement of the MANA trading competition, the recent launch of its very own blockchain, the Binance Chain, and now this, it seems Binance is on a roll. This brand new feature will enable the clients of the exchange to create up to as many as 200 subsidiary trading accounts under the aegis of the principal account held by the user. The principal account can thereafter be used to control how assets are moved in between these sub accounts. It will also be the sole facilitator of access and permissions to these sub accounts. Having said that, each sub account will have an individual API limit with regard to how much of high capacity trading it is expected to handle.
This new feature gives the principal account a large array of powers including the ability to view all transfer details, account balances etc, and even freeze the subordinate accounts (or reverse a freeze) if the need arises. The users will also be able to make use of several asset audit tools. This feature is only available to those users who have an account that is placed at least at the VIP Tier 3 level. Clearly, with this feature, Binance is out to consolidate its premium clientele base.