Binance.US Rolls Out OTC Trading Platform

By RTTNews Staff Writer | Published: 5/13/2020 10:05 AM ET

Cryptocurrency trading platform Binance.US launched its over-the-counter (OTC) trading platform for cryptocurriencies such as Bitcoin for users in most U.S. states.

The minimum trade size for the portal is an equivalent value of 10,000 U.S. dollars, with 12 different coins and tokens initially supported for OTC trading.

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. It will not need the user to handle different wallet addresses as there is no separate wallet for OTC trades.

Users need to have a KYC verified (Level 1) account on Binance.US to begin using the OTC Trading Portal. The platform will enable users to quickly trade large quantities of cryptocurrencies in a single trade, helping users save time by clearing trades at one price.

On the OTC platform, the users' trades are private because the order books are not touched as the trade is negotiated directly between the buyer and the seller. There are also no fees charged for OTC trades.

Binance.US started trading for customers across most U.S. states in late September last year with an initial list of seven tokens – BTC, ETH, XRP, BCH, LTC, BNB and USDT stablecoin. It had announced the partnership with U.S.-based BAM Trading Services Inc. in mid-June 2019 to launch a cryptocurrency trading platform in the U.S. as Binance.US.

Trading on the platform is currently not available for residents in the U.S. states of Alabama, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont and Washington.

The platform offers more than 30 cryptocurrencies including Bitcoin (BTC), BNB, Ethereum (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), Zcash (ZEC), 0x (ZRX), Basic Attention Token (BAT), Dash (DASH), Dogecoin (DOGE) and Tether (USDT). It also offers 40 trading pairs to U.S. users.

Apart from initially providing desktop/mobile web access for its users, Binance.US has developed an app version for iOS and Android, which is available for download from the respective play stores since early January.

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

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