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tradeandholder

Subsidiary account launched by Binance to serve Institutional Investors

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Binance has launched a subsidiary account majorly for institutional traders. They revealed that, this development was made as a result of countless requests from Binance users.

 

What this upgrade provides:

  • Enables different entities to set-up multiple sub-accounts under one organization as well as make provision for one master account to have full access control.
  • Master account will be in charge of all other accounts.
  • A set limit to API limits for each sub-account.
  • Both accounts can edit and create API keys for themself, but only the master account can delete all API keys, in contrast to sub-accounts which can only delete its own API key.
  • Both accounts can place buy or sell orders, but only the master account can cancel all orders which contrasts the sub-account which can only cancel its own orders.
  • Funds transfer from the master accounts to sub accounts will be very easy and free of any cost.
  • Sub-accounts can be frozen/unfrozen.

 

This upgrade is only for individuals having corporate accounts and VIP 3 tier (or higher) accounts, will be able to access this latest feature.

Binance, in the post specified that: "VIP tiers will be calculated on an aggregate basis, and corresponding discounts will be applied to all sub-accounts."

 

What are API keys for?

For the uninitiated, an Application Programming Interface Key (API Key) is a code passed alongside a web service that recognized the origin of the request. Generally, if there are public and private API keys, it is advisable that the public key is shared, and the private key only given to trustworthy entities or individuals.

 

 

 

Binance stressed that, right from time it has taken the issue of security very seriously and included that so as to maintain its standards of strict security: "Account login information has been properly subdivided to maximize security and minimize risk."

Exchange will make it possible for users to create new sub-accounts, coupled with making changes under tabs like security information, ownership, working status, etc.

 

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