According to the official announcement, the master account controls the asset movement between the subsidiary accounts and grants each of them different permissions and access levels. Each account will have a unique set of API limits, which allows each account user to trade with more freedom and higher capacity.
Binance’s master account is designed to provide a full account and trading activity overview for all sub-accounts. This includes login history, order management, asset management, and balance overview.
Furthermore, the master account can reset 2-factor authentication, remove API keys, orders, and passwords, and freeze and unfreeze specific sub-accounts.
Another bonus in the new feature is the zero-fee fund transfers between the sub-accounts.
As the feature is available only to individuals with VIP 3 tier accounts (or higher) and corporate users, the VIP tiers and the corresponding discounts will be calculated and determined on the basis of the aggregate trading volume of all sub-accounts under one master account.
This new feature is among the many developments that Binance is trying to introduce to its corporate accounts.
Earlier this week, the exchange announced its support for Decentraland, a virtual reality gaming platform powered by Ethereum Blockchain. The platform will allow users to create and share 3D models, giving them total ownership of the digital space measured in virtual land parcels (LAND).
According to the latest figures, Binance’s platform has processed nearly $1.5 billion in trades in the last 24 hours.