The feature will enable parties to generate up to 200 subsidiary accounts under the canopy of one main account. The ‘master’ account will have sole control over the movement of assets between sub-accounts, and be able to grant each of the different access levels and permissions. Although, each sub-account will hold its own set of API limits to allow for high capacity trading.
As per Binance’s breakdown of the differences within the master account and its subordinates, the former will have the exclusive abilities to view all data and balances, transfer funds among accounts, and have a full managerial authority and access to a variety of asset audit tools.
The press release provides further details, noting that the account management function enables master accounts to freeze or unfreeze their subordinates.
The new sub-account is limited in availability to corporate users and individuals with VIP 3 tier (or above) accounts; Binance figures that “VIP tiers will be determined on an aggregate basis, and corresponding discounts will be employed to all sub-accounts.”
Binance has further indicated that it has boosted security for its new sub-account feature by rigorously “sub-dividing” login information to reduce risk.
As reported earlier, Binance recently released the second preview of its forthcoming decentralized exchange (DEX), asserting that a testnet version of the platform will become available for prospective users ‘soon.’