In this edition of The Daily, cryptocurrency exchange Binance has announced support for multiple accounts and we’ve got all the details. Elsewhere, digital asset exchange Huobi wants to launch a regulated platform for institutional investors under its Gibraltar license. Finally, we cover a warning about an unauthorized crypto brokerage that has been issued by regulators in several European countries.
Binance Introduces Subaccount Feature
Binance, currently the largest cryptocurrency exchange by daily trading volume, has announced the launch of a subaccount feature for institutional clients. The upgrade will allow them to set up multiple trading accounts within an organization, providing them with improved control and asset audit tools.
Entities will be able to create up to 200 subaccounts, maintaining control over the movement of digital assets from their main account. They can also grant permissions for different access levels. Each subaccount will have its own API limits which will enable API users to trade with more freedom and capacity, the exchange detailed in a post on Medium.
Under the new arrangements, master accounts will be able to view all data and balances, transfer funds between accounts and exert managerial control. Both types of accounts can place orders, but subaccounts will be allowed to cancel only their own orders. The same applies to API features, where only master accounts will be able to delete keys.
Binance assures customers that the new feature has been designed with security in mind. “Account login information has been properly subdivided to maximize security and minimize risk,” the trading platform noted in the announcement.
Huobi to Launch Regulated Exchange for Institutions
Digital asset exchange Huobi,