Bitfinex to Introduce Sub-Account Feature

This system was launched after users' requests and it gives them an ability to experiment with several trading strategies simultaneously
21 January 2020   189

The Bitfinex cryptocurrency exchange has announced a new feature that allows users to create multiple sub-accounts under one master account.

As the technical director of the company Paolo Ardoino noted, the introduction of this option occurred almost at an ideal time, taking into account the growing interest in cryptocurrencies from institutional investors.

The Bitfinex blog says that the sub-account system has been introduced at the request of many users.

According to the proposed scheme, users will be able to experiment with several trading strategies at the same time, while Bitfinex will use the combined trading volume for all related accounts, offering general discounts on commission according to the structure of calculating commissions.

If the user account is verified, the client can choose which sub-account will use this data, giving it all the relevant advantages. In addition, each sub-account can be verified individually.

Users will also be able to send funds from the master account to the wallets of their chosen sub-account.

When creating a sub-account, it is tied to the main user account, which will continue to act as a master account. Only the master account has the authority to create sub-accounts (up to 100), it is also endowed with a number of other functions, including changing the viewing mode, changing e-mail, etc.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   286

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.