Cryptocurrencies
Binance Closes VIP Fee Loophole That’s Lucrative for Prime Brokers
- Binance making changes to software interface starting July 1
- Move is likely to hurt prime brokers, people familiar say
This article is for subscribers only.
Binance is closing a loophole in a program that allowed prime brokerages on the platform to garner additional revenues at the expense of the world’s biggest crypto exchange.
The company is making changes effective July 1 to Link Plus, an interface that allows prime brokers to manage accounts for institutional clients, according to a spokesperson. Several firms had taken advantage of Link Plus to offer clients fee rebates their trading volumes would normally not have entitled them to, people with knowledge of the matter said.