Correction: The Binance OTC service launched in January, meaning the blog announcement cited was an update to an existing service. We regret the error.
The top cryptocurrency exchange by trading volume has announced an OTC service it’s calling “block trading.”
Revealed in a blog post on Friday morning, Binance now allows users to trade larger amounts (or “blocks”) of crypto – over 10 bitcoin, it suggests as a guide – without having to do it on the order book and potentially suffer from price slippage as the market feels the effect of the order.
The firm touts the benefits of the service as being able to chat directly over the potential order, a wide choice of over 150 cryptos on offer, reduced counterparty risk – as it’s all done within Binance’s platform – and fast pricing and settlement.
It’s also offering an automated quoting service (for “qualifying clients”).
Users of the block trading service will need a Binance account verified to level 2 or higher and access to messaging apps such as Telegram and Whatsapp.
OTC trading comes as the latest trading service addition on Binance in quick succession. The exchange recently launched margin trading alongside a revamped platform, and it announced early this month that trading of futures would arrive soon.
Binance CEO Changpeng Zhao image via the company