By
Steve Muchoki
May 10th, 2024
OTC customers of the Binance crypto exchange, which recently completed a burn, can now trade any of these pairs with BTC and other cryptocurrencies.
Binance, the largest-trading crypto exchange, added a few more cryptocurrencies to its over-the-counter or OTC offerings. Users can now expect to trade AVAX, ICP, TFUEL, and THETA against bigger names, such as BTC, USDC, BUSD, and USDT.
The New Binance OTC Offerings
Currently trading at $10.64 at press time, Avalanche (AVAX) has a 24-hour trading volume of $31,845,147. The altcoin also has a circulating market supply of 170 million AVAX coins and a total supply of 378 million. Internet Computer (ICP) currently trades at $31.85, with a circulating supply of over 136 million ICP. Founded by Dfinity in 2016, ICP allows people to build software and publish content without going through tech giants serving as middlemen. Using its own Internet Computer Protocol, it also differs from many other cryptocurrencies as it uses Threshold Relay Consensus model, instead of the Proof of Work, or the traditional Proof of Stake.
Theta Fuel (TFUEL), the third new entry to Binance’s OTC portal, currently trades at $0.284676 with a 24-hour trading volume of $72,740.35 and a total supply of 5,301,200,000.
Finally, there’s Theta, which currently trades at $4.33. Recently, the token has been on a perpetual loop between buyers and sellers. Theta has been on a downward trend since hitting $15.88 back in April. Plummeting to its current price, the asset is now in a strong support zone ranging from $3.85 to $4.57. While the bears might push it further down, the current support zone suggests that bulls may be attracted.
Binance Burns BNB
On July 18th, 2021, Binance reported its 16th quarterly BNB token burn of 1,296,728 BNB ($393,673,653.52). This is indicative of growth and market expansion by the popular crpyto exchange. While Binance is committed to reducing its total supply, the exchange is not without challenges. Back in May, the Internal Revenue Service (IRS) and the US Department of Justice (DOJ) began investigating the exchange over tax and money laundering matters.
Recently, blockchain forensics services Chainalysis said that many funds used for criminal activities in 2020 passed through Binance. Although CEO Changpeng Zhao and spokeswoman Jessica Jung have both promised to “fight bad players”, major cryptocurrencies fell across all exchanges at the time of the announcement. The negative news from Binance may have also triggered some Binance discontinuance in the UK.
The negative PR generated from this may have triggered the discontinuation of all Binance-regulated activity in the United Kingdom. Earlier this month, the FCA banned Binance, specifically Binance Markets Limited (BML) from operating in the UK. Although the ban does not affect Binance.com, the FCA mandated the latter to place a notice on its website.
Although Binance may seem in slightly murky waters at present owing to all the ongoing investigations, it still remains the largest crypto trader and may add more tokens to its growing OTC portfolio.