Binance has revamped its VIP program, lowering entry requirements and introducing a new Rising Star status to enhance user accessibility.
On March 18, Binance announced significant changes to its VIP program, aiming to enhance accessibility for users. The cryptocurrency exchange has lowered the BNB balance and futures trading volume requirements for the first three VIP tiers while introducing a new status called VIP Rising Star.
The revised VIP program offers numerous benefits, including reduced trading fees of up to 80% on spot transactions, dedicated account management, 24/7 priority support, increased withdrawal limits, and access to exclusive analytics and events.
For VIP levels 1 to 3, the updated BNB balance requirements are now considerably less than before. The new thresholds are standardized across traders, holders, and borrowers:
- VIP 1: Reduced from 125 BNB to 5 BNB
- VIP 2: Reduced from 100 BNB to 25 BNB
- VIP 3: Reduced from 250 BNB to 100 BNB
Additionally, the 30-day futures trading volume requirements have also been adjusted:
- VIP 1: Decreased from $15 million to $5 million
- VIP 2: Decreased from $50 million to $10 million
- VIP 3: Decreased from $100 million to $50 million
While the volume thresholds have been significantly cut, the taker and maker fees for VIP levels 1 and 2 have seen slight increases. For example, the taker fee for VIP 1 has risen from 0.04% to 0.05%.
Revised Holder Criteria
The eligibility criteria for holders have also been streamlined. Assets in Binance Earn, including various staking options and investments, are now considered for qualification. Furthermore, VIP levels 5 through 9 have expanded their criteria, allowing holders to qualify for these higher tiers for the first time.
- VIP 5-9: New asset threshold set between $50 million and $100 million with BNB requirements ranging from 1,000 to 5,500 BNB.
Binance calculates asset values based on the higher of the average balance over the past 30 days or the previous day's balance, providing flexibility for users with recent deposits.
Introduction of VIP Rising Star Status
A notable addition is the VIP Rising Star status, designed for users who do not meet the standard VIP requirements. This status requires a 30-day average balance of $30,000, including a minimum of 5 BNB, with no registration needed as eligibility is assessed automatically. Participants will enjoy personalized support and exclusive invitations to events.
The announcement comes shortly after Binance addressed concerns regarding a $1.7 billion transfer to Iranian entities, providing transparency through a detailed analysis and flowchart of the funds involved.
