July 22, 2024

Binance will launch OTC trading in October 2019

Binance will launch OTC trading in October 2019

Cryptocurrency exchange Binance plans to add an over-the-counter (OTC) trading option to the platform in October 2019.Director of marketing company Hye Yi said that OTC will support fiat currencies, in particular the Chinese yuan.

According to Yi, marketplace users from170 countries of the world will be able to acquire digital assets for fiat currency. The new service will primarily be appreciated by residents of China, as local legislation prohibits the purchase and sale of cryptocurrencies using banking services. That is why Chinese exchanges (for example, Huobi and Okcoin) launched over-the-counter trading on their platforms.

Binance is now number one in volume.trade, which over the past day amounted to $ 1.5 billion (according to Coinmarketcap). The company managed to strengthen its market position with new products. In early September, the company opened a sandbox for testing two cryptocurrency futures trading platforms called Futures A and Futures B. Exchange customers will choose the best platform during online voting.

Earlier this month, Binance bought the exchange atcryptocurrency derivatives trading JEX, which was renamed Binance JEX. The company also announced a project to develop the Binance USD stablecoin, having received permission from the New York Department of Financial Services. The digital asset from Binance will become a direct competitor to the Libra virtual currency from Facebook. Company founder Changpeng Zhao called the coin “an independent regional version of Libra.”