Binance.US Launches OTC Trading Desk for Large Trades
Binance.US has launched an OTC trading portal for major orders.
The feature will allow users of Binance’s US affiliate to process orders worth $10,000 or more directly between customers, off of the normal exchange’s order book. Catherine Coley, CEO of Binance America, announced the launch during Consensus: Distributed on Monday.
Coley said the launch comes at an opportune time for large value traders given increasing interest in bitcoin from well-known investors, such as hedge fund pioneer Paul Tudor Jones II.
“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,” she said.
Coley said the addition complements Binance.US’ other trading options.
“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,” she said.
The service is live in the 37 states in which Binance.US operates. Coley said the exchange is working on receiving proper licenses in the remaining 13.
Binance had previously rolled out OTC trading for its global exchange in January 2019.