Binance Updates Fiat Liquidity Provider Program (2023-09-25)

Fellow Binancians,

Binance will be updating its Fiat Liquidity Provider Program at 2023-09-25 00:00 (UTC).

Key Updates:

• This program is limited to the specified fiat markets listed below on Binance.com.

• The qualification review logic will be updated from symbol basis to each fiat market basis. Effective from 2023-09-25 00:00 (UTC), liquidity providers will be reviewed weekly based on the new performance review mechanism.

• Effective from 2023-10-02 00:00 (UTC), maker fee rebates will be distributed to liquidity providers based on their previous week’s trading performance across spot trades on the selected fiat markets.

Mechanism

• Calculation formula:

  • [User’s Weekly Spot Maker Volume % of the Total Binance Spot Maker Volume in Each Fiat Market] = [Each 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 market on the day.

  • Day: Each day runs from 00:00 (UTC) to 23:59 (UTC).

  • Week: Each week runs from 00:00 (UTC) on Monday to 23:59 (UTC) on Sunday.

Program Incentives (Applicable to participants qualifying for at least one of the eligible fiat markets)

• 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

Users whose 30-day trading volume exceeds 20,000,000 USDT equivalent on Binance Spot and Margin, or other platforms and exhibit quality liquidity providing strategies, are invited to join the Fiat Liquidity Provider Program. To apply for the trial period, please provide proof of your trading volume to mmprogram@binance.com, or contact your sales or key account coverage manager.

Notes:

• This program is limited to the specified fiat markets listed above on Binance.com.

• Maker rebates will be settled in the fiat currency regardless of quote asset (i.e., EUR for BTC/EUR or EUR/USDT).

• Liquidity Providers’ rebate eligibility will be based on their performance on eligible fiat pairs across spot trades on a weekly basis.

• Maker fee rebates are effective from 00:00 (UTC) each Tuesday to 23:59 (UTC) the next Monday.

• Maker fee rebates are paid once per hour to each master or sub-account that executes the trades.

• Users may check their rebate history of each account by visiting Wallet > Spot > Transaction History > Distribution. API users may query via GET /sapi/v1/asset/assetDividend.

• For users who have participated in both fiat and spot liquidity provider programs, they will enjoy the more favorable rebate ratio from either of the programs. 

• Participants whose account performance does not qualify them for maker rebates of any eligible fiat market for three consecutive weeks will be removed from the program.

• Binance reserves the right to disqualify user’s reward eligibility if the account is involved in any dishonest behavior (e.g., wash trading, illegally bulk registered accounts, self dealing, or market manipulation).

• Binance reserves the right to determine and/or amend or vary these Terms and Conditions, its eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done at its sole discretion for any reason, including:

  • Changes in applicable regulations or policies;

  • Obligations arising out of law or decisions issued by common courts or public administration;

  • Anti-money laundering or combating financing terrorism rules;

  • Technical issues beyond our control;

  • Necessity to protect users from potential losses;

  • Necessity to protect Binance from the loss of reputation;

  • Extraordinary events or circumstances beyond our control (force majeure).

• For more dedicated VIP and Institutional services, please refer to this link.

• Where any discrepancy arises between the translated versions and the original English version, the English version shall prevail.

Thanks for your support!

Binance Team

2023-09-14

Trade on-the-go with Binance’s crypto trading app (iOS/Android)

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Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice.

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