Binance Sets Up OTC Trading Desk

Recent reports have revealed that Binance, the global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies has opened an Over-the-Counter (OTC) trading desk in order to provide additional liquidity for their high-volume users.

The exchange released information about this development through a tweet, which also referred to the recently concluded blockchain event in Singapore that ran from the 19th to the 22nd of this month.

"#Binance has launched an crypto OTC desk providing additional liquidity to our exchange users" – @weizhouBinance https://t.co/qVBPaiKgyX

— Binance (@binance) January 22, 2019

According to the information which was released by the company, this new service will be crypto-to-crypto and will enable Binance users to trade larger amounts of the numerous cryptocurrencies on the exchange. Transactions will be settled directly on their Binance accounts. The OTC trading desk will allow traders who deal with high volumes to clear their trades at a single go. All these trades will be private and the order books will not be touched. The users account will be used for all transactions, and there will be no need for setting up another wallet.

The team at Binance also explained why their OTC trading desk is the best amongst the rest in the industry.

“Here are some of our advantages:

We specialize in crypto-to-crypto trades, across more than 80 cryptocurrencies listed on Binance. We constantly endeavor to offer quick pricing for your OTC trades, with simple and quick settlement processes. We have a broad and diverse client base as an effective distribution platform.”

As specified by the team, there were only two requirements which were cited by the company with regards to using the trading desk. Firstly, the Binance user will have to have a Level 2 verified account or above and each trade will have to be worth at least 20 Bitcoin (BTC).

This setting up of the OTC trading desk by Binance comes after several other prominent exchanges have set up their own. Other notable exchanges which are offering OTC services are Bittrex, Coinbase, OKEx, Huobi, Circle, itBit, Kenetic Capital, Genesis Trading and SFOX.

Rishma Banerjee

Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.