Binance, the world’s largest cryptocurrency exchange has officially announced the launch of their crypto-to-crypto over-the-counter (OTC) trading desk.
The OTC desk allows Binance users to trade larger amounts of many cryptocurrencies listed on the exchange, with transactions being settled via their Binance accounts.
The OTC trading desk will allow high-volume traders to save time by clearing their trades at one go. All trades will also be private and the order books will not be touched.
As earlier mentioned, all settlements will be done using the user’s account and there will be no need of additional wallets.
Over-the-counter is a security that isn’t traded on a formal exchange, allowing two parties to trade directly with each other without having their offers exposed to the public. However, OTC trading does come with its own set of risks.
However, the team at Binance has also explained why their OTC desk is better than the rest in the industry. They explained it as follows.
1. We specialize in crypto-to-crypto trades, across more than 80 cryptocurrencies listed on Binance.
2. We constantly endeavor to offer quick pricing for your OTC trades, with simple and quick settlement processes.
3. We have a broad and diverse client base as an effective distribution platform.
If interested in Binance’s OTC trading desk, there are two requirements:
1. A Binance Level 2 (verified) account or above
2. A trade order worth at least 20 BTC
All interested individuals and firms are requested to contact the Binance OTC desk directly at tradedesk1@binance.com.
