Binance.US has announced that it has launched an over-the-counter (OTC) portal for trades worth $10,000 or more.
On May 11, it has been reported that OTC trades are arranged directly between the buyer and the seller and do not show up in exchange’s public order books, the cryptocurrency platform clarified in an FAQ.
However, that allegedly allows for the movement of large sums with better privacy and without the potential to affect the market.
Currently, the OTC platform supports 12 cryptocurrencies as well as US dollars, though USD withdrawal is only available to users who have passed Level 3 Fiat Verification that has the most rigorous Know Your Customer (KYC) requirements on the platform, as all settlements are sent directly to customers’ existing Binance.US accounts.
Binance’s U.S. branch launches an OTC platform for trades worth $10,000 or more https://t.co/wpPThAoDre — Cointelegraph (@Cointelegraph) May 11, 2020
It has been analyzed that though Binance.US does not charge fees for OTC trades, there will be spreads, which means that the price offered by the exchange will be lower or higher than the market price, depending on whether the customer is selling or buying.
#ICYMI during all of today's #bitcoin halving news, we launched our OTC Trading Portal this morning! Check it out: https://t.co/78KT21D1VR It's never been easier to make #crypto trades over $10k! https://t.co/tcw5rNrsTm — Binance.US 🇺🇸 (@BinanceAmerica) May 11, 2020
Likewise, the global crypto exchange’s US branch, which opened in September 2019, is available for residents of most states, excluding:
Alabama
Alaska
Connecticut
Florida
Georgia
Hawaii
Idaho
Louisiana
New York
North Carolina
Texas
Vermont
Washington
Thus, according to an April report from OTC liquidity provider B2C2, OTC trading saw extreme volatility amidst the March crash, as Bitcoin order spreads surpassed 10% during the period of March 12–13 when the asset’s price fell by nearly 50%.
Source: Cointelegraph | Image: Binance US
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