Binance, the world’s largest crypto exchange by trading volume, is unveiling a new service for pre-market spot trading known as Binance Pre-Market.
Spot trading refers to buying or selling tokens at their current market rate, or spot price.
Binance’s new service will allow customers to buy or sell tokens before they are listed on the spot market without incurring any additional fees. Users will only be subject to regular spot trading fees.
The service is a collaboration between Binance Spot and Binance Launchpool, and is not available to U.S. or Canadian customers.
“Binance is the only crypto exchange to offer pre-market spot trading whereby tokens will be exclusively allocated and generated for users to hold and trade in the pre-market on the Binance platform,” the company said.
“We built Binance Pre-Market to meet user demand for pre-market spot trading, and enhance the Binance ecosystem so users can enjoy greater utility and token projects can extend their lifecycle on our platform,” said Vishal Sacheendran, Binance Head of Regional Markets. “Binance has always been focused on delivering for our users and we continue to invest in features to give our users the best experience we can.”
Rival crypto exchange Coinbase offers a pre-launch markets service, where users can trade contracts for perpetual futures contracts in exchange for soon-to-be launched tokens. Dubai-headquartered crypto exchange Bybit launched its own pre-market spot trading service relying on derivatives last month. “Traders can place orders with up to 5x leverage before the contract is officially listed,” Bybit said.
Binance’s former CEO Changpeng “CZ” Zhao is scheduled for release from prison later this month, after the billionaire pleaded guilty to violating the Bank Secrecy Act. The crypto exchange was slapped with over $4.3 billion in penalties and Zhao was forced to step down from the helm of the world’s largest crypto exchange.
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