Binance adds JPY market to Fiat Liquidity Provider Program

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

Major updates

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

Effective July 2, 2024, producer fee rebates will be distributed to liquidity providers based on their prior week’s spot trading performance in select 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 volume of the seven daily creators during the week.
• [Daily Maker Volume] = Amount of creator volume on Binance Spot markets per day.

Program incentives

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

• Eligible Fiat markets: Manufacturer’s discounts and standard VIP user rates for all pairs in eligible fiat markets.
• Non-qualified Fiat markets: Zero producer fees and standard VIP user fees on all fiat pairs in these fiat markets.

How to participate

Traders with a 30-day trading volume exceeding the equivalent of 20,000,000 USDT on Binance Spot and Margin or other platforms, and who exhibit quality liquidity provision strategies, are invited to join the Fiat Liquidity Provider Program. Interested parties can apply for a trial period by providing evidence of trading volume to mmprogram@binance.com or by contacting their main account sales or coverage team.

Additional notes

• This program is limited to the specified fiat markets listed above on Binance.com.
• Manufacturer rebates will be paid in fiat currency regardless of the quota asset.
• Eligibility of liquidity providers’ discounts will be assessed weekly based on their performance on eligible fiat pairs in the spot markets.
• Producer fee rebates are effective from 00:00 UTC every Tuesday until 23:59 UTC the following Monday and are paid once per hour for each master or sub-account executing trades.
• Users can check their discount history by visiting Orders > Transaction History > Distribution > Fiat and Spot. API users can ask your GET /sapi/v1/asset/assetDividend.
• Participants in the fiat and spot liquidity provider programs will enjoy the most favorable discount ratio of the two programs.
• Accounts that do not qualify for manufacturer 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 washed trades, illegal 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 change 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 the Binance website.

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