- Binance introduces three P2P merchant tiers: Bronze, Silver, and Gold, rewarding traders based on performance and volume.
- Silver and Gold tiers unlock higher fee refunds and exclusive benefits for top-performing merchants in the P2P marketplace.
- Binance aims to enhance trading standards and attract reliable merchants with new tiers, improving the overall user experience.
The latest enhancements to the Binance P2P Merchant Program include the introduction of a new tiered system that seeks to classify and compensate merchants depending on their trading activity. The new structure includes three levels: Bronze, Silver, and Gold, each level having its benefits for eligible merchants.
These tiers were introduced to encourage P2P merchants to upscale their trading activities and, in the process, improve the experience of Binance users. There will be a new merchant tier at the Bronze level, which new merchants will join and advance in based on their trading volume. Bronze-level merchants are also verified but they normally transact in smaller volumes than the other level of merchants.
Source: Binance
Binance Top-Tier Merchants
In order to be granted the Silver status, merchants must fulfil several requirements: a trading volume of at least 6 BTC or 200 000 USDT, and a completion rate of 98%. Only those verified traders who have proved to be compliant and reliable in their transactions will be awarded the Silver status.
Lastly, the Gold level merchants also have to achieve a high completion rate while reaching 60 BTC or 2,000,000 USDT trading volume. These traders who are deemed as the elite of the Binance platform will be able to receive the best features of the P2P Merchant Program.
Boosting Binance P2P Standards
Each of the tiers has its benefits that a member is entitled to. Bronze level merchant have a 20% fee refund, improved cancellation options, quick release options, and round the clock customer service. The silver merchants get to have their 30% fee refund, receive a special silver badge and other special privileges. The best traders, gold merchants, will be able to get a 50% fee refund and a Gold badge for their efforts.
With these changes, Binance is trying to promote better standards of trading in its P2P marketplace as well as encouraging traders to perform better. This also helps improve the trading experience for Binance users, as the platform will attract more professional and reliable traders that can help build a better, more trustworthy market.
As Binance builds up the P2P market, the new tiers will bring more competition into the ecosystem. These tiers also offer a commendable way of rewarding the top merchants hence fostering the growth of the peer to peer services of the exchange.
