Binance, one of the leading cryptocurrency exchanges, has announced an update to its Fiat Liquidity Provider Program, set to take effect on June 25, 2024. The update includes the addition of the Japanese Yen (JPY) market to the program, along with several revisions to the performance review and rebate mechanisms.
Key Updates
According to Binance, the JPY market will be incorporated into the Fiat Liquidity Provider Program starting June 25, 2024, at 00:00 UTC. The exchange will also implement a new qualification review process for new markets, which will be conducted weekly based on a performance review mechanism.
Effective from July 2, 2024, maker fee rebates will be distributed to liquidity providers based on their previous week’s spot trading performance across selected fiat markets.
Mechanism and Calculations
The updated program will calculate liquidity provider performance using the following metrics:
- [User’s Weekly Spot Maker Volume (%) to the Total Binance Spot Maker Volume in Each Fiat Market] = [Each Liquidity Provider Account’s Weekly Spot Maker Volume in Each Fiat Market] / [Weekly Maker Volume in Each Fiat Market on Binance Spot].
- [Weekly Maker Volume] = Sum of the Seven Daily Maker Volume During the Week.
- [Daily Maker Volume] = Sum of Maker Volume on Binance Spot Markets on the Day.
Program Incentives
Participants who qualify for at least one of the eligible fiat markets will receive the following incentives:
- Qualified Fiat Markets: Maker rebates and standard VIP taker fees on all pairs across the eligible fiat markets.
- Unqualified Fiat Markets: Zero maker fees and standard VIP taker fees on all fiat pairs across these fiat markets.
How to Participate
Traders with a 30-day trading volume exceeding 20,000,000 USDT equivalent on Binance Spot and Margin or other platforms, and who exhibit quality liquidity providing strategies, are invited to join the Fiat Liquidity Provider Program. Interested parties can apply for a trial period by providing proof of trading volume to mmprogram@binance.com or contacting their sales or key account coverage team.
Additional Notes
- This program is limited to the specified fiat markets listed above on Binance.com.
- Maker rebates will be settled in fiat currency regardless of the quote asset.
- Liquidity Providers’ rebate eligibility will be assessed weekly based on their performance on eligible fiat pairs across spot trades.
- Maker fee rebates are effective from 00:00 UTC each Tuesday to 23:59 UTC the following Monday and are paid once per hour to each master or sub-account executing trades.
- Users can check their rebate history by visiting Orders > Transaction History > Distribution > Fiat and Spot. API users may query via GET /sapi/v1/asset/assetDividend.
- Participants in both fiat and spot liquidity provider programs will enjoy the more favorable rebate ratio of the two programs.
- Accounts failing to qualify for maker rebates in any eligible fiat market for three consecutive weeks will be removed from the program.
- Binance reserves the right to disqualify trades deemed to be wash trades, illegally bulk account registrations, self-dealing, or market manipulation.
- All trading volume and metrics related to the promotion are measured at Binance’s sole discretion.
- Binance reserves the right to amend or terminate the program for reasons including regulatory changes, legal obligations, technical issues, user protection, and force majeure events.
For more details, refer to the official announcement on Binance’s website.
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