Binance has announced strategic updates to its Fiat Liquidity Provider Program, effective from April 10, 2024, at 00:00 (UTC).
Key to the announced developments, the Mexican Peso (MXN) market and Czech Koruna (CZK) market will be integrated into the program starting on April 10 and April 11, respectively. Any delisted markets will be consequently removed from the fiat market list.
In addition, Binance will begin applying a streamlined qualification review for new markets from April 10, with performances of liquidity providers set to undergo a weekly evaluation based on the updated review mechanism.
Starting April 16, Binance will distribute maker fee rebates to liquidity providers according to their prior week’s trading performance across selected fiat markets in spot trades.
Aligned with this update, Binance presents a new mechanism for determining fee rebates, which is based on a user's weekly spot maker volume as a percentage of total Binance's spot maker volume in each eligible fiat market. The Fiat markets with this policy include TRY, EUR, BRL, GBP, ZAR, PLN, UAH, ARS, RON, MXN, and CZK.
The eligibility and calculations of the fee rebate adjustments will rely on specific calculation per fiat market, with the base maker fee and maker fee rebate rate varying with the user's weekly spot maker volume percentage.