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. As Cointelegraph reported, that trend has found expression in the steadily mounting number of OTC products appearing on the market in recent months. In addition to Binance, exchanges such as Bittrex and Bithumb have launched dedicated OTC trading desks. As Cointelegraph noted, their emergence comes despite the year’s previously lower market prices. As prices increased, it further became apparent that traders in China, for whom OTC purchases of stablecoin Tether (USDT) are one of the few ways to legally enter the market, were paying premiums for coins in fiat terms. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Binance Responds to Notre Dame Tragedy by Launching Crypto Donation Channel FX Street 4 years 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… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.