BINANCE LAUNCHES ITS OWN OTC PLATFORM

Cryptocurrency exchange Binance joined the General trend of recent times and this Wednesday announced the opening of its own OTC service.

Unlike the offer of some other companies in this space, Binance OTC-platform will allow to exchange exclusively between cryptocurrencies without attracting Fiat, but to do it with large volumes than the main glass of the exchange allows.

Binance does not specify which assets will be traded on the new platform, only reporting the availability of “many cryptocurrencies presented on the exchange.” Debiting and crediting of funds will be carried out directly through the main accounts of users on the exchange.

To gain access to the OTC platform, the user must have a verified account and contact the exchange via e-mail – tradedesk1@binance.com. The minimum transaction volume is 20 bitcoins.

The main advantage of transactions on OTC platform is that it can boast similar services of competing companies: the ability to quickly exchange a large amount of cryptocurrency and pre-determine the execution price, as well as privacy, which is provided by the conclusion of transactions outside the main order book.

By now, a number of cryptocurrency firms have managed to open their own OTC services, including Bittrex, Coinbase, OKEx, Huobi, Circle, itBit, Kenetic Capital, Genesis Trading and SFOX.

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