Binance Establishes OTC Trading Facility For High Volume Traders
Binance has officially announced the opening of an Over-the-Counter (OTC) trading desk to offer extra liquidity for their high-volume traders. The tweet carrying the announcement also cited the Binance blockchain event that was conducted in Singapore between 19th and 22nd of this month.
Since then, the exchange has provided further relevant information on the Binance OTC trading desk. The new trading facility will start with crypto-to-crypto and enable Binance customers to exchange larger quantities of the various digital currencies on the exchange.
Trades are directly settled on their accounts. The OTC trade desk allows traders who execute large volumes to save time by processing their orders at once. All transactions will be private and the order books will not reveal them. As pointed out earlier, all settlements will be completed using the client’s account and no extra wallets will be required.
The Binance team clarified as to why the OTC desk is superior to the rest of the industry.
Binance team listed out the advantages. They are:
1. We are specialized in crypto-to-crypto trade in over 80 cryptocurrencies listed on Binance.
2. We always strive to offer fast pricing for your OTC trades with simple and fast process of settlement.
3. As an efficient distribution platform, we have a huge and diverse customer base.
There are only two prerequisites at the time of writing this article.
1. The Binance customer must have a Level 2 verified account or above.
2. The value of each trade should be at least 20 Bitcoin (BTC) worth
Binance ‘s decision to establish an OTC trading desk arrives after many other important exchanges have fully accepted the notion. Bittrex, OKEx, Coinbase, Huobi, Circle, itBit, Genesis Trading, Kenetic Capital, and SFOX are also well-known exchanges providing OTC services.
— Binance (@binance) January 22, 2019