The crypto world has for some time been talking up how things will change in the market when more institutional investors get involved. Crypto exchange Binance is hoping to encourage this by creating special sub-accounts for institutions.
As announced on Thursday this week, these sub-accounts will allow institutions to set up multiple trading accounts for each firm, with different accounts being given different levels of access and control. The firm will be able to control these sub-accounts via their main account and change permissions as required.
Binance says that institutions will be able to have up to 200 sub-accounts and that it will allow different sub-accounts to transfer funds with no fees and unique API limits per sub-account, which means institutions will be able to have a greater trading capacity.
Institutions’ main accounts will be able to monitor all sub-account data, transfer funds between accounts and cancel any and all orders that have been placed.
According to a previous blog post, accounts with a minimum BNB balance of 1,000 and at least 4,500 bitcoin in trading volume over the previous 30 days will be eligible for the new sub-accounts, which are based on Binance’s existing institutional account structure, and any institution tagged as Tier 3 or above will be able to set up this new type of account.