Cryptocurrency exchange Binance unveiled an upcoming update to the Fiat Liquidity Provider Program, scheduled to take place at 00:00 UTC on June 25th.
Starting that date, the Fiat Liquidity Provider Program will encompass the JPY market, featuring new market qualifications under review. Market makers are subject to checks conducted each week using a revised activity assessment mechanism. Additionally, liquidity providers are anticipated to get fee refunds corresponding to the activity in spot trading throughout the specific fiat markets from the preceding week.
Eligible fiat markets encompass TRY and EUR, with the individual’s weekly spot maker volume as a percentage of the total Binance spot maker volume in each fiat market set at 2%. For BRL, the percentage is 1%, while for ZAR, PLN, UAH, RON, MXN, CZK, COP, JPY, and ARS, it is set at 0.5% and 0.2%, respectively.
To qualify for participation, individuals are required to maintain their thirty day trading volume above 20 million USDT equivalent on Binance Spot and Margin or other platforms and demonstrate effective liquidity provision strategies.
Binance Adds USDT Stablecoin On TON And Prepares To Restrict Use Of ‘Unauthorized Stablecoins’ In EEA
Binance is widely acknowledged as one of the major cryptocurrency exchanges, supporting transactions involving over 350 cryptocurrencies and virtual tokens. The platform is known for its competitive transaction fees and enhanced liquidity provisions, serving a diverse range of users.
Recently, Binance added Tether’s USDT stablecoin to The Open Network, enabling traders to deposit and withdraw USDT directly on its platform. In addition, starting June 30th, the platform intends to limit the utilization of “Unauthorized Stablecoins” in the EEA and expand the restrictions throughout its complete range of products and services, prohibiting individuals from participating in the new offerings with Unauthorized Stablecoins.
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