Binance opens crypto to crypto OTC trading desk
Binance, one of the largest crypto exchanges, have launched crypto to crypto over the counter [OTC] trading desk. According to the exchange’s blog, the OTC trading desk will allow the exchange’s customers to trade larger amounts of cryptocurrencies listed on the exchange.
The crypto exchange giant listed out the advantages of trading on an OTC desk. It said that OTC desk will enable customers to trade larger amounts of cryptos in a single trade. The OTC desk also allows the investors to keeps their trades private as the order books won’t be utilized by the company. “You will benefit from direct settlements into your Binance account with your OTC trades; no need to handle different wallet addresses,” said the exchange.
Crypto OTC Made Better with #Binance.
— Binance (@binance) January 23, 2019
Clients with a Level 2 account status and above can trade on the OTC trading desk. A customer should make a trade order worth 20 Bitcoin [BTC] to begin trading on the exchange.
Binance has over 80 cryptocurrencies listed on its exchange. Also, the company boasts a wide customer base with customers ranging from different countries. The crypto exchange mogul is also expanding its reach to different countries. It recently established its exchange on the European soil. It launched Binance Jersey and opened markets for GBP and EUR. According to Changpeng Zhao, the Binance CEO, it received “crazy demand” from the European customers. It also touched Africa by launching a local subsidiary in Uganda.
Image via Shutterstock