The biggest cryptocurrency exchange – Binance, has officially announced the launch of its over-the-counter (OTC) trading desk. It’s designated for carrying out larger transactions.

Binance OTC Trading Desk Late to the Party

In an official blog post from January 23rd, Binance, whcih is currently the world’s largest cryptocurrency exchange by means of trading volume, has announced the launch of its OTC trading desk to handle large transactions.

There are, however, certain requirements that users have to pay attention to. First off, in order to access the Binance OTC trading desk, the user would need to have a verified Binance Level 2 account or above. Additionally, the trade needs to be worth at least 20 BTC.

The transactions will be settled via users’ Binance accounts, explains the post:

Our OTC desk allows Binance users to trade larger amounts of many cryptocurrencies listed on the exchange, with transactions being settled via their Binance accounts.

Binance, however, is among the latest major cryptocurrency exchanges to join the party.

Last week we saw Bittrex announcing the launch of its OTC trading desk.

Bitfinex, on the other hand, has its OTC trading platform running since 2016.

Circle, a cryptocurrency finance firm backed by Goldman Sachs, revealed in December that its OTC trading desk handled roughly around $24 billion throughout 2018.

My Bitcoin News reported today that Binance’s profits in 2018 are lower than those of Huobi.

What are your thoughts on Binance launching an OTC Trading desk? Let us know down below!