Binance Walks an Extra Mile: An Aggressive Initiative in the Face of Competition

[Darker45]

The largest exchange by volume, Binance, remains restless.

I was regularly checking my mail when I came upon an email coming from Binance with the subject 'Become a Binance VIP.' I was a little curious that I opened it. I normally just delete this kind of exchange spams.

I was kind of amazed at how Binance remains very aggressive in dealing with competition. The platform's recruitment approach is of a different level. They're sending out emails to traders to try to make them jump ship.

"Show us your trading volumes on competing exchanges and we will offer you, for two months, a VIP tier that is one level higher than what you would have received if you had traded this volume on Binance."

It seems Binance's number one spot just isn't enough; it wants to pirate its competitors' volume contributors.  

[SFR10]

Indeed, that kind of approach is too direct and aggressive...

• Personally, If I was one of their users, I wouldn't be trading such information ^{[that stays with them permanently]} in exchange for a "temporary bump" in my VIP level.

[The Cryptovator]

Binance is the exchange that is in the top position to generate revenue. I haven't received such as mail (not sure if I am missing) but if it's true then I have to say they are targeting other exchanges with aggressive behavior. That means they want to accumulate all big traders to their exchange. They need more revenue from trading. But I don't think this is the right way to attract traders. Not sure how many traders they managed this way, but personally I don't like this strategy.

[Darker45]

Indeed, that kind of approach is too direct and aggressive...

But I don't think this is the right way to attract traders. Not sure how many traders they managed this way, but personally I don't like this strategy.

I don't know if this is only among us, but there is indeed something odd with this approach.

It's like Binance is somehow crossing a certain line with this. I am used to marketing of companies which boasts of features and offers and innovations which are directly compared with named competitors, but sending out emails to traders asking for screenshots of trades from other exchanges as proof so that they will match it with something more?

Binance seems to have this hegemonic tendency. No offence intended but it's so Chinese.

[magneto]

That's very interesting.

It seems like that Binance is no longer trying to target the grassroots level traders. As they've matured, they've moved more towards catering for whales and institutions. Their OTC service just reinforces this further.

It's honestly great to see that they are still remaining innovative and competitive, though. The worst thing that could happen to any market, crypto exchanges included, is if one single firm becomes large enough to capture customers and corner the market simply because of their monopoly and influence and not based off merit.

[Yogee]

It seems like that Binance is no longer trying to target the grassroots level traders. As they've matured, they've moved more towards catering for whales and institutions. Their OTC service just reinforces this further.

You can see how fast they are in promoting their exchange with the Robinhood debacle. I remember their $100,000 in Doge as a reward for new members. They were obviously targeting those users who were trying to pump that coin. I think the result was a success as seen in the exchange recent maintenance.

Did Binance ever cared about grassroots? They were always after the money from what I see.

......

Pirating traders from competing exchanges sounds rude but it's still the trader's decision. Exchanges are earning from these traders and they should provide more benefits to keep them.

[hugeblack]

If this message is from official Binance email, then I expect it to be because your account has been verified and therefore they want to know the trading volumes of their competitors According to your KYC.
Personally, I see a lot of strange things on Binance and I hope that it will end up well.
Otherwise, they are trying to control crypto market without providing much reliable information about them service.

[Potato Chips]

Certainly not the first time they have tried this. At this point, it's safe to say that the past endeavors were successful enough for them to do it again otherwise they wouldn't waste manpower. With how quick ppl are in devaluing their info, it'll be bad if this spreads and other exchanges try a similar thing.

Binance Launches VIP Invitation Program | Promotion Period: 2019/10/14 to 2020/01/14
Binance Updates VIP Invitation Program | Promotion Period: 2020/04/22 to 2020/07/22
Binance Extends VIP Invitation Program | Promotion Period: 2020/07/23 to 2020/10/23
Binance Extends VIP Invitation Program| Promotion Period: 2021-01-27 00:00 (UTC) - 2021-04-27 23:59 (UTC)

Not that i agree with their method, but it's actually good even for those at the top to not be relaxed and always try new things to improve their platform/service.

[Harlot]

I don't see any problem with this as other industries have done this types of "pirating". They will offer you price matches, discounts, and sometimes undercutting the competitor just to sway their money towards them. The main problem they will be facing here is of course the price differences the traders are after when they are trading, that's why we see a lot of traders who don't just trade in just one platform as they just want to take advantage of price differences on cryptocurrencies that are actively moving or having price rallies in another exchange. What they are offering is good but it should outweigh this price difference advantage they are looking for  which I believe will only attract some traders but not most of them.

[carlfebz2]

Not that i agree with their method, but it's actually good even for those at the top to not be relaxed and always try new things to improve their platform/service.

Top spot doesnt last forever and everyone knows that and as a business even if you are number one, as an owner you shouldnt really be that confident because
on this business there are lots of competitors that might really able to create something new which would be might a reason of your fall.

I do really love the mindset that they do keep trying their best to expand and able to retain that peak spot no matter what kind of promotions and perks
that they will launched.

Even into this VIP program which would really be a tempting kind of offer for those traders on other platforms.They are obviously taking that kind of
opportunity to expand this business even more and make it more long lasting.