The world’s largest crypto exchange Binance aims to support institutional and VIP investors. The areas it plans to support are tax, audit and compliance needs. For this, the exchange said that it has upgraded the bank statement function. The simplification of these complex obligations will make it even more difficult for institutional and VIP investors to invest in crypto. However, new use cases for the 3 altcoins are coming to the exchange.
Binance brings new features to corporate and VIP users
Binance published an official blog post on August 9. Accordingly, it announced that it has upgraded the bank statement function to simplify the tax, audit and compliance needs of institutional and VIP investors. In addition, customers will now have access to historical data of their assets. Users will now have the advantage of viewing and downloading their old data on the website. Additionally, it’s worth noting that these features are only available on desktop and not mobile. The features will help institutional and VIP investors better manage their tax and audit reporting obligations. That’s why it’s critical to manage balances and send reports to third parties like accounting and auditors. Binance has enterprise quality data and reporting services. These services have proven their reliability by receiving worldwide certification and approval.
Options for these 3 altcoins are coming
After the upgrade, the account statement function will gain new features. These include wallet snapshots, file sharing, PDF downloads, and password protection. Clients will see daily snapshots of their holdings in spot, margin, futures and other wallets. The snapshot will also show the backlog of interest in Earning Wallet. They will also be able to choose BTC, BUSD or USDT as their preferred options to show their account balances. Finally, the account statement; It will provide exchange rates for BTC, BUSD and USDT.
Customers will have the advantage of downloading bank statements in multiple formats. They will also have the opportunity to export and share the statement with up to three recipients. Binance will ask customers to set a one-time password before exporting their bank statements. Binance considers privacy, security and legal compliance as top priorities. The new bank statement functionality features will likely enhance the experience for institutional and VIP traders. This will increase their probability of investing more cryptocurrencies.
Binance continues to expand globally
Crypto exchange Binance is expanding globally for its mission to lead the next wave of crypto and blockchain adoption. Recently, Binance CEO CZ visited the Central African Republic. The visit was part of plans to increase crypto usage across Africa. Moreover, the crypto exchange aims to expand its presence in various European and Asian countries. By the way, cryptocoin.comAs we reported, heated discussions with crypto exchange WazirX have caused Binance to terminate off-chain fund transfers between both crypto exchanges.
