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Institutional Accounts Launched By Binance

Binance is one of the biggest cryptocurrency exchanges in the world and they have recently announced that they will be launched its sub-account support specifically for institutional traders. The exchange giant has revealed they have had a number of requests put forward by users of Binance which has encouraged the exchange to bring in the feature.

As it says on the official blog for the crypto exchange, the new upgrade will allow for multiple entities to set up a number of sub-accounts under one organisation and provide control of access to one master account and only that account will be able to control the other accounts under it.

Aside from this, the exchange will be providing a set limit to API limits for every sub-account. On top of this, only those who have VIP 3 tier or above accounts and corporate accounts can gain access to the latest feature. In the blog post-Binance state:

“VIP tiers will be calculated on an aggregate basis, and corresponding discounts will be applied to all sub-accounts.”

For those that don’t know, an API key (Application Programming Interface key) is a code which is passed at the same time as a web service in order to identify the origin of the request. Basically, if there are private API keys and public API keys, it is usually wise to share the public key when required and the private key to those you trust.

 

As reported,there will be some differences between the sub-accounts even though they will fall under the term ‘master account’. For example, the sub-account and the master account will be able to create and edit API keys but only the master account will be allowed to delete all of the APIs. The sub-account will be able to delete its own API keys. In a similar sense, both the accounts can start or buy orders whereas the master account will be able to cancel all orders.

“The sub-account, however, would be able to delete its own API keys. Similarly, while both the accounts can place buy or sell orders, only the master account can cancel all orders, whereas the sub-account can only cancel its own orders.” Binance has made it clear that it has always been cautious about security as well as maintaining its standards saying:

“Account login information has been properly subdivided to maximize security and minimize risk.”

What are your thoughts? Let us know what you think down below!

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