Binance, the world’s largest cryptocurrency exchange by trading volume, is reportedly in the process of launching an over-the-counter (OTC) trading desk. The move would allow the company to offer OTC trading services to its institutional and high-net-worth clients.
According to a report by The Block, citing people familiar with the matter, the Malta-based exchange is currently in the process of onboarding clients for its OTC desk. The report also stated that the exchange is close to finalizing a deal with one of the three prime brokers that it has been in talks with.
If launched, Binance’s OTC desk would be its first foray into traditional finance. The move would also be a significant boost for the cryptocurrency industry, which is seeking greater legitimacy and institutional adoption.
Binance has been one of the most active cryptocurrency exchanges in terms of launching new products and services. In recent months, the exchange has launched a crypto-fiat exchange in Singapore, a margin trading platform, and a decentralized exchange.
NOTE: Binance is an exchange and not an Over-the-Counter (OTC) platform. Trading on Binance is done through the order book, and not directly with someone else. As such, it is important to be aware of the risks associated with trading on an exchange versus trading OTC. Additionally, if you decide to trade OTC, make sure you know who you are dealing with and understand all the terms and conditions of the trade.
It has also announced plans to launch a crypto lending platform and a tokenized stock exchange.
The launch of an OTC desk would allow Binance to tap into the growing institutional demand for cryptocurrency trading services. According to a report by Autonomous Research, OTC trading desks account for a significant portion of cryptocurrency trading volume.
In addition, an OTC desk would allow Binance to offer its institutional clients better prices and liquidity than what is available on public exchanges. The Block’s report cited sources as saying that Binance is looking to offer “competitive” prices to its institutional clients.
The launch of an OTC desk is also likely to be seen as a positive development by regulators. Recently, several major exchanges have come under scrutiny from regulators for their lack of transparency and ability to manipulate markets.
An OTC desk would allow Binance to offer its institutional clients better prices and liquidity than what is available on public exchanges.
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