Binance Adds JPY Market to Fiat Liquidity Provider Program

Binance,
one
of
the
leading
cryptocurrency
exchanges,
has
announced
an
update
to
its
Fiat
Liquidity
Provider
Program,
set
to
take
effect
on
June
25,
2024.
The
update
includes
the
addition
of
the
Japanese
Yen
(JPY)
market
to
the
program,
along
with
several
revisions
to
the
performance
review
and
rebate
mechanisms.

Key
Updates

According
to
Binance,
the
JPY
market
will
be
incorporated
into
the
Fiat
Liquidity
Provider
Program
starting
June
25,
2024,
at
00:00
UTC.
The
exchange
will
also
implement
a
new
qualification
review
process
for
new
markets,
which
will
be
conducted
weekly
based
on
a
performance
review
mechanism.

Effective
from
July
2,
2024,
maker
fee
rebates
will
be
distributed
to
liquidity
providers
based
on
their
previous
week’s
spot
trading
performance
across
selected
fiat
markets.

Mechanism
and
Calculations

The
updated
program
will
calculate
liquidity
provider
performance
using
the
following
metrics:

• [User’s
  Weekly
  Spot
  Maker
  Volume
  (%)
  to
  the
  Total
  Binance
  Spot
  Maker
  Volume
  in
  Each
  Fiat
  Market]
  =
  [Each
  Liquidity
  Provider
  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
  Markets
  on
  the
  Day.

Program
Incentives

Participants
who
qualify
for
at
least
one
of
the
eligible
fiat
markets
will
receive
the
following
incentives:

• 
  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

Traders
with
a
30-day
trading
volume
exceeding
20,000,000
USDT
equivalent
on
Binance
Spot
and
Margin
or
other
platforms,
and
who
exhibit
quality
liquidity
providing
strategies,
are
invited
to
join
the
Fiat
Liquidity
Provider
Program.
Interested
parties
can
apply
for
a
trial
period
by
providing
proof
of
trading
volume
to

[email protected]
or
contacting
their
sales
or
key
account
coverage
team.

Additional
Notes

• This
  program
  is
  limited
  to
  the
  specified
  fiat
  markets
  listed
  above
  on
  Binance.com.
• Maker
  rebates
  will
  be
  settled
  in
  fiat
  currency
  regardless
  of
  the
  quote
  asset.
• Liquidity
  Providers’
  rebate
  eligibility
  will
  be
  assessed
  weekly
  based
  on
  their
  performance
  on
  eligible
  fiat
  pairs
  across
  spot
  trades.
• Maker
  fee
  rebates
  are
  effective
  from
  00:00
  UTC
  each
  Tuesday
  to
  23:59
  UTC
  the
  following
  Monday
  and
  are
  paid
  once
  per
  hour
  to
  each
  master
  or
  sub-account
  executing
  trades.
• Users
  can
  check
  their
  rebate
  history
  by
  visiting
  Orders
  >
  Transaction
  History
  >
  Distribution
  >
  Fiat
  and
  Spot.
  API
  users
  may
  query
  via
  
  GET
  /sapi/v1/asset/assetDividend.
• Participants
  in
  both
  fiat
  and
  spot
  liquidity
  provider
  programs
  will
  enjoy
  the
  more
  favorable
  rebate
  ratio
  of
  the
  two
  programs.
• Accounts
  failing
  to
  qualify
  for
  maker
  rebates
  in
  any
  eligible
  fiat
  market
  for
  three
  consecutive
  weeks
  will
  be
  removed
  from
  the
  program.
• Binance
  reserves
  the
  right
  to
  disqualify
  trades
  deemed
  to
  be
  wash
  trades,
  illegally
  bulk
  account
  registrations,
  self-dealing,
  or
  market
  manipulation.
• All
  trading
  volume
  and
  metrics
  related
  to
  the
  promotion
  are
  measured
  at
  Binance’s
  sole
  discretion.
• Binance
  reserves
  the
  right
  to
  amend
  or
  terminate
  the
  program
  for
  reasons
  including
  regulatory
  changes,
  legal
  obligations,
  technical
  issues,
  user
  protection,
  and
  force
  majeure
  events.

For
more
details,
refer
to
the

official
announcement
on
Binance’s
website.

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source:
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