Binance Launches OTC Trading Portal For Large Cryptocurrency Transactions
Binance cryptocurrency exchange this Thursday announced the launch of a new service – an over-the-counter (OTC) portal.
The portal works on the principle of request for quotation. The user needs to indicate the desired amount of the asset for purchase or the amount of funds that he is willing to spend on it.
If successful, the screen will display an offer that the user can accept or reject. After confirmation by the user, the Binance team will accept the request for processing.
The minimum transaction amount on the platform is the equivalent of 10,000 USDT. The exchange does not charge commissions for trades on the OTC platform, however there is a price spread. “If you buy, our price will be higher than the market price; if you sell, it will be lower,” the company explains..
At launch, the Binance OTC platform supports 25 cryptocurrencies, including Bitcoin, Ethereum, and BNB. In the future, their list will be expanded..
To use the service, you must have a verified account with a real name. Also, the user can contact the exchange by email [email protected] if the cryptocurrency of interest is not presented on the OTC portal, but is available on Binance.
On Wednesday, it became known that Binance is preparing to launch its own Bitcoin mining pool.
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