A renowned crypto giant Binance has finally come up with one of the most awaited features that are subsidiary accounts for institutional investors along with high-tier individual traders. Through this new feature, the exchange is expected to provide a comprehensive, full-stack offering to the institutional investors.
About the feature :
As the exchange has stated in the announcement, by offering subsidiary accounts, it aims to provide improved managerial control and asset auditing tools to institutional account holders. The newly added feature will enable multiple entities to set up a maximum of 200 sub-trading accounts under one organization. It will provide a sole control over the movement of assets within the sub-accounts to one master account.
Moreover, Binance will offer a pre-decided limit to API limits for every sub-account. This new upgrade is only available for those having VIP 3 tier or above accounts and corporate accounts. Binance elaborates, “VIP tiers will be calculated on an aggregate basis, and corresponding discounts will be applied to all sub-accounts.”
Difference Between Sub-Accounts :
The exchange has designed the upgrade with differences between the master account and the sub-accounts. For instance, the sub-account and the master account both can create and edit API keys, but only the master account can delete all of the APIs. Also, both the accounts can begin or buy orders while the master account will be able to cancel all orders.
Binance considers the security and privacy crucial for the sub-account feature. As it takes it quite seriously, it has created individual tabs to set security parameters such as passwords, 2FA, ownership, and other security features, for each sub-account. On this, the exchange express, “Security is a core principle of our firm, and this principle also underlies the design of this new feature. Account login information has been properly subdivided to maximize security and minimize risk.”
It seems that Binance is engaged in providing better products and services. Recently, the exchange has launched its own blockchain named ‘Binancechain.’ the exchange believes that the product will host “millions of coins and thousands of blockchains.”