Binance's crypto OTC services have just gone live

23 Jan, 2019 | Updated: 23 Jan, 2019
by Richard Allen
Breaking News
Binance's crypto OTC services have just gone live

Binance has officially announced the launch of their crypto-to-crypto over-the-counter (OTC) trading desk. Binance users will be able to trade large amounts of many of the currencies listed on the exchange, with transactions being settled using their Binance accounts.

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.

Using Binance’s OTC trading desk for crypto-to-crypto transactions provides numerous benefits including:

1. Users will be able to quickly trade large quantities of cryptocurrencies in a single trade

2. Users will be able to clear all their trades at one price, saving time

3. The order books won’t be touched, ensuring your trades remain private

4. Users will no longer need to handle different wallet addresses as you will now benefit from direct settlements into your Binance account with your OTC trades

Read more: A promising Q1 ahead... What's next for Binance and BNB?

Binance has also includes a list of advantages that come with using their OTC desk, ensuring Binance is ahead of the competition:

1. Binance specializes in crypto-to-crypto trades with more than 80 currencies listed

2. The team constantly strives to offer quick pricing for OTC trades, with quick and easy settlement processes

3. A broad and diverse client base ensures an effective distribution platform

If you're 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

In more Binance news, the exchange successfully carried out the sixth token burn, destroying a total of 1,623,818 BNB. Additionally, Binance has big plans for the Q1 of 2019. First and foremost is the launch of their mainnet for Binance Chain, signifying a major expansion.

Read more: Binance expands stablecoin offerings with new trading pairs for LTC and TRX

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