Binance Launches MirrorX For VIPs
Binance, the world’s leading cryptocurrency exchange, has unveiled an exclusive feature designed to elevate the trading experience for its VIP & Institutional clients. The exchange has partnered with Ceffu, its institutional custody partner, to introduce MirrorX, an off-exchange settlement solution that promises to bring innovation and security to corporate users.
Introducing MirrorX, the only institutional off-exchange settlement solution integrated with #Binance.
MirrorX allows @BinanceVIP clients to keep their assets in @CeffuGlobal's independent custody when accessing the Binance exchange.
Learn how ⤵️
— Binance (@binance) August 28, 2023
Seamless Off-Exchange Solution
MirrorX stands out as the sole off-exchange settlement solution seamlessly integrated into the Binance ecosystem. This breakthrough solution addresses the escalating demand for advanced and secure institutional tools in the cryptocurrency trading realm. The integration with MirrorX signifies Binance’s commitment to furnishing its clientele with a smooth and secure trading process.
The crux of MirrorX lies in its unique mechanism that enables Binance VIP & Institutional clients to maintain their digital assets within Ceffu’s third-party crypto custody. The assets can then be mirrored instantaneously to a designated sub-account on Binance, maintaining a precise 1:1 ratio. Once this process is completed, clients gain immediate access to Binance’s extensive suite of trading products, including Spot, Margin, and Futures trading. One of the pivotal benefits of MirrorX is its ability to enhance security and convenience for users. Through the mechanism, assets remain securely segregated within Ceffu’s independent custody even when utilized on Binance.
Delegation and Auto-Settlements
To initiate this service, Binance VIP & Institutional clients must establish an account with Ceffu and fulfill its KYB verification process. Existing Ceffu account holders are required to create a dedicated Binance sub-account, specifically labeled “3rd-Party Custodian,” exclusively designated for the MirrorX feature. MirrorX also introduces features like instantaneous asset delegation, auto-settlements, and delegated asset withdrawal. The speed of asset delegation ensures immediate availability for trading activities. Auto-settlements occur off-exchange at T+1, devoid of charges, with any transfers out of the 3rd-Party Custodian sub-account triggering an automatic settlement.
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By enabling asset diversification through independent, third-party custody, MirrorX empowers VIP & Institutional clients to minimize exposure risks while capitalizing on Binance’s liquidity advantages. Catherine Chen, Head of VIP & Institutional at Binance, emphasized the exchange’s dedication to addressing market needs, stating that the partnership with Ceffu extends the platform’s risk management capabilities, further establishing Binance’s prominence in institutionalizing the digital asset sector.
