Huge surge in OTC trading popularity drove major crypto exchange Binance’s $78 million Q1 profits

A huge surge in over-the-counter (OTC) trading popularity drove major cryptocurrency exchange Binance’s $78 million Q1 profits, crypto news outlet Decrypt Media reported on April 17.

Speaking in an interview, CFO Wei Zhou said OTC, which is a method of wholesale cryptocurrency trading for large-scale investors, accompanied a volume uptick as bitcoin (BTC) rose almost $1,300 at the start of this month.

“Last month we saw a lot more volume than, say, three months ago,” he told the publication, continuing:

“This was mainly due to the increase in price of Bitcoin and altcoins over the past few months. We’ve witnessed more trading activity — and demand.”

Binance had revealed its similarly surging profits for the first quarter of the year this week, the $78 million figure dwarfing previous performance by 66%.

Major investor interest in crypto markets, Zhou said, is driving developers to create ever more diverse offerings to cater to their needs.

“A lot of people who historically worked for high-frequency trading firms have made the jump from traditional equity, and have launched new trading platforms in our space,” he added.

Also read: Japan’s Financial Services Agency will introduce new rules regarding cold wallets for storing crypto at crypto exchanges

Source: https://cointelegraph.com/news/binance-cfo-surge-in-otc-trades-drove-near-80-million-q1-profits