Posted 1 year ago | by Ben Armstrong
Binance Launches New OTC Platform for Orders above $10,000 USD
Binance US just opened an OTC trading desk that is designed to deal with large order sizes without creating huge price swings. This will help to ensure a more liquid trading environment for all its clients.
This new OTC platform is aimed at investors and institutional players who are increasingly looking at the crypto markets amid the wild global economy.
All the Binance US affiliates will be able to process orders above $10,000 USD through this new platform. OTC trading or over-the-counter trading will happen between the buyers and sellers directly without appearing in the exchange’s public data.
OTC Trading for Binance US Customers
OTC trades prevent volatile price swings that would occur in trading with such large sums on a normal exchange. In addition, OTC allows large sums to move with better privacy and do not affect the market.
“The portal is a live request for quotation (RFQ) platform in which users will be able to place and confirm orders and receive quick settlement directly into their Binance.US accounts. The minimum trade size for the portal is an equivalent value of 10,000 USD, with 12 different coins and tokens initially supported for trading. Users simply need to have a KYC verified (Level 1) account on Binance.US to begin using the OTC Trading Portal.”
The CEO of Binance America, Catherine Coley, said that there’s an increasing interest among large-value traders for Bitcoin. Well-known investors, such as Wall Street hedge fund pioneers Paul Tudor Jones, are looking at Bitcoin investments.
Coley said during the Consensus on May 11, 2020:
“We just saw Paul Tudor Jones speak up about owning almost 2% of his net worth in bitcoin so as people are wanting to have access quickly into these markets it helps to be able to buy quickly and in lump sizes. Under 10,000 you can buy through our crypto portal, above 10,000 you can use our OTC desk, and you can always trade through market limit orders on our trading platform.”
Bitcoin Network Undergoes its Third Halving
The Bitcoin network has recently gone through its third halving event and the Bitcoin mining rewards have reduced to half from 12.5 to now at 6.25 BTC for every block mined during this much-awaited time.
In the past, every time this event happened, there has been a multi-year bull run in the BTC price. Given the rough situation in the global economy, another bull run in BTC may be fueled by rising problems with fiat currency.
If you are interested in trading cryptos, or are looking to buy some with fiat currency and store it away on a wallet, just click right here to visit Binance US. It one of the best exchanges in the USA, and also a robust international presence.