Before the rise of centralized exchanges (CEXs), over-the-counter (OTC) trading was the go-to method to buy or sell cryptocurrency for many crypto investors. The FTX collapse could trigger a bigger demand for crypto OTC services as investors are looking for alternative methods to convert from and to fiat due to weaker trust in CEXs. Cointelegraph spoke with BestChange, a Russian OTC crypto exchange aggregator, to learn more about the current state of OTC markets. “The role of OTC is sometimes underestimated amid the all-encompassing marketing of centralized exchanges,” BestChange chief analyst Nikita Zuborev said. According to the exec, OTCs often …

The United States subsidiary of electronic trading platform developer Clear Markets has reportedly received approval from the Commodity Futures Trading Commission, or CFTC, to offer over-the-counter crypto derivatives products with physical settlement. In a Tuesday notice, SBI Holdings — a stakeholder of Clear Markets — said the CFTC had approved the U.S. subsidiary operating a Swap Execution Facility, in which it plans to offer derivatives trading for U.S. dollar and Bitcoin (BTC) pairs. The Japan-based financial services company said its market maker planned to expand its trading partners in the United States following pilot transactions on Clear Markets. SBI Holdings …

Hong Kong-listed virtual asset platform Huobi Technology Holdings has launched a cryptocurrency over-the-counter (OTC) service, the firm announced to Cointelegraph on Wednesday. Listed on the main board of the Hong Kong Stock Exchange (HKEX) since 2016, Huobi Technology was originally known as Pantronics Holdings, an electronic product maker founded back in 1990. Huobi Technology has been actively moving into the cryptocurrency industry in recent years but operates independently of Huobi Group, the entity that owns the Huobi Global cryptocurrency exchange. The two companies share some shareholders but they are two separate legal entities, a spokesperson for Huobi told Cointelegraph. According …

Messaging apps are commonplace in our day-to-day interactions, with more than 3.6 billion people worldwide using them. For perspective, the average person is estimated to send up to 72 messages every day. While messaging has dramatically opened up the door to communication, recent high-profile events have shown just how concerning the management of data collected from these apps can be. In September 2021, WhatsApp was fined 255 million euros for data sharing violations. Before this, in August 2020, Telegram suppressed a data leak that exposed the personal information of nearly 500 million of its users. Although these concerns were brought …

Despite Beijing’s ever-increasing crackdown on the crypto industry, there are still some signs of life in the People’s Republic regarding the Bitcoin network and over-the-counter (OTC) trading. China intensified its clampdown on crypto last week in an effort to suppress any remaining activity related to digital assets within its borders. The regime specifically targeted crypto transactions, but as researched by Cointelegraph, this action is nothing new, with at least 19 similar crackdowns over the past decade or so. Despite the latest move, there are still 135 Bitcoin nodes in operation in China according to data from Bitrawr, which measures nodes …

As Beijing attempts to regulate and suppress the cryptocurrency boom, traders have been evading regulatory oversight by using over-the-counter trading desks. According to a report on Monday published by Bloomberg, there has been a significant uptick in OTC platform usage since China announced its latest crackdown earlier this month, with China tightening restrictions prohibiting financial institutions and payment companies from providing services related to cryptocurrencies. While exact volume data is hard to ascertain as Chinese OTC transactions are peer-to-peer and use third-party payment platforms, the exchange rate between China’s yuan and popular stablecoin Tether (USDT) is seen as a key …

In a market once dominated by a handful of BTC vehicles, there are now a growing number of products offering investors access to gains from popular altcoins like Polkadot. Yesterday, Osprey Funds announced the launch of the Osprey Polkadot Trust. The fund, which will be available to accredited investors with a $25,000 minimum, is set to be listed on the OTCQX market “as soon as possible,” per a press release from the company. Coinbase will serve as the fund's custodian. The fund will give investors access to one of the largest layer one smart contract chains via familiar rails, and …

State Street, the second-oldest operating bank in the United States, is moving into the cryptocurrency industry by agreeing to provide its technology for a new crypto trading platform. Currenex, a foreign exchange technology provider owned by State Street, has entered into an agreement with crypto firm Puremarkets to provide its trading infrastructure and tech for the new crypto trading platform Pure Digital. Announcing the news Thursday, Pure Digital said that it will also collaborate with State Street to further explore the digital currency trading industry. According to the announcement, Pure Digital will be a fully automated over-the-counter market for digital …

Earlier this week, Lithuania's tax service, the Lithuanian State Tax Inspectorate, added $7.6 million dollars to the state budget through the sale of cryptocurrencies seized in criminal investigations. The occasion marked the first time that the Lithuanian government liquidated confiscated cryptocurrencies. In doing so, the country joined the growing number of jurisdictions worldwide that have auctioned off or sold cryptos obtained by the long arm of the law. However, unlike the United States Federal Marshals, which netted $37 million at auction from confiscated crypto last February, the STI opted to sell the crypto through an exchange. According to Linas Rajackas, …

Following an earlier endeavor selling Bitcoin (BTC) at a premium on eBay in 2015, Chris Maurice, CEO of African crypto exchange Yellow Card, made a small business selling the asset at multiple Taco Bell locations. Maurice worked with his friend Justin Poiroux on the endeavor. Poiroux, who later co-founded the Yellow Card exchange, first explained Bitcoin to Maurice about two years prior. "We would post on Craigslist and on LocalBitcoins, and we would say, 'Hey we have Bitcoin, come meet up with us and give us cash and we'll give you the Bitcoin,'" Maurice told Cointelegraph in an interview. LocalBitcoins …

What are some of the biggest providers offering these services? There’s no shortage of options for on-ramps and off-ramps, including some of the most well known names in the industry. Starting with custodial exchanges, big-name companies such as Coinbase and Binance all offer purchases of cryptocurrency with a debit card, as well as a variety of options for moving fiat off-exchange. This can be ideal for those looking to get their hands on some assets to trade. However, there will generally be a commission paid when the client eventually does want to withdraw their assets. While this can be ideal …

Blockchain-powered financial services company Diginex launched its new Equos digital asset exchange on July 30. The exchange will initially host crypto asset spot trading, with plans for “perpetual swaps, dated futures, options, and other derivatives products” to soon follow. The platform will support USD and the USD Coin (USDC) stablecoin at launch. The spot exchange is licensed under an exemption to the Singapore Payment Services Act, with Diginex having also applied to become a ‘Major Payment Institution’ with the country’s regulator. The platform will also facilitate interoperability with Diginex’s hot and cold digital asset custodian, Digivault, in addition to Diginex’s …