A Crypto Trading Clampdown Expands Beyond Binance to Another Large Exchange
Summary
Cryptocurrency exchanges are taking measures against brokerages that consolidate clients' orders to benefit from lower, VIP trading fees. OKX, the second-largest exchange by volume, has requested prime brokers to provide details of subaccounts, including the names of the entities or individuals controlling each subaccount and their location. Failure to comply may result in restrictions or closure of subaccounts. Binance, OKX's main competitor, recently altered its Link Plus interface, closing a loophole that allowed prime brokers to use a multitiered fee system to offer rebates to clients. Bybit, another large crypto exchange, is monitoring these developments but has no plans to change its fee structure.
