Binance now supports OTC services, but what the hell is it?
Binance now supports OTC services, but what the hell is it?

By d-erf | Cryptips | 2 Apr 2020


Hello all!

 

Since today Binance propose a new OTC service.

 

But what the hell is it?

 

OTC means Over The Counter, it's like OOB Out-of-Band in networking.

 

I think the bast use case would be the asked trades won't be publicly posted on the public order book.

It prevent big orders to make market move to violent as a consequence.

It's the principle of dark pools in traditional banking, but now opened to public, crypto rocks opening us to be treated quite egals!

 

Other less interesting complementary (or not) use case is to garantee your trade will be executed as one trade instead of many ones (increasing with amount) so it helps lisibility of your own ledger (could be an advantage when going fiscal declaring)...

See Binance links at the end of this article for more informations about it.

 

Here are visuals of otc projet asking form:

 

351665157-03485c6405132eee44ecec26c39419ba49ad9912a7add89999f8c59ec71c7046.png

351665157-2c4e2bb6eabc2bd0d65f210fe0ad74b5928cfccadff3ca0c39ad9f7e47e322b0.png

 

Supported currencies:

351665157-ec95accfedcef4e86eecf89c7e827d178bea542a876d6eb2177761b00e39b195.png

 

This service requires some condition, like account verification levels, you'll find on the links i've provided.

 

Ok, that's all for now, another great feature of prolific Binance platform, hope it helps in your way, have a nice day, and thanks for all that support me by tipping!

 

 

 

 

 

 



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