Gate.io begins OTC Block Trading in Dubai

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Gate.io Cluster, a public blockchain and cryptocurrency exchange ecosystem, launches Gate OTC. An over-the-counter trading platform according to a press release Coin Journal received.

The exchange will provide fully licensed OTC crypto trading services to high-net-worth individuals. And organizations from all across the world, as well as multiple major cryptocurrencies.

The press release notes that Gate.io’s public blockchain, which is still in development, will power the OTC platform. And that it will use a decentralized model to match buyers and sellers.

According to the press release, Gate.io has partnered with several institutions in Dubai to launch the OTC trading platform.

These include the Dubai International Financial Center (DIFC), which is a free zone that offers financial services. And the DMCC, which is a “government entity committed to the development of Dubai’s commodity sector”.

Gate MENA is approved to operate in Dubai

The OTC trading platform has obtained a license from the Dubai Multi Commodities Centre (DMCC). To participate in proprietary crypto asset trading, which was acquired by Gate MENA. The DMCC is a government agency that regulates commodity trading in the emirate.

At the time of writing, the OTC platform supports BTC/USDT and ETH/USDT trading pairs. However, Gate.io plans to add more assets in the future.

All services in the United Arab Emirates meet regulations on anti-money laundering (AML), know your customer (KYC), and counter-terrorist financing (CFT).

Clients can open an account and deposit funds using either wire transfer or credit/debit card. The OTC platform does not require KYC for unverified accounts. However, these have a withdrawal limit of 2 BTC per day.

For verified accounts, there is no daily withdrawal limit. However, these require full KYC verification, which includes submitting a copy of your passport, as well as a selfie with the document.

Gate.io Group EVP Tom Yang comments:

“We’ve seen an increase in demand for dependable OTC services, especially from large traders coming to cryptocurrency from conventional financial markets. We created a reliable and tough OTC platform with security, convenience, and completeness at its foundation to satisfy our present and future clients’ requests.”

Making it easier to perform big trades

The OTC trading service will minimize price volatility, maintain anonymity, and allow big block trades.

OTC trading is a way to trade with smaller orders and lower risk. The quick execution time and limited price impact are also benefits of this type of trading. OTC trading is a way for large traders to buy or sell digital assets without moving the market.

A dedicated OTC trading desk

The new OTC platform will initially be launched in Dubai, with more locations to come. The service will be fully operational during business hours (UAE time) from Sunday to Thursday.

To ensure the best possible service and prices for our clients, Gate.io has appointed a team of experienced OTC traders. The team is available during business hours to answer any questions and provide support with trades.

Risk avoidance

Investors can prevent these risks by doing a direct transaction with the OTC platform. This is because the trades are executed based on quotes that have fixed prices.

The new platform offers one-on-one professional advisors, premium customer service and 24/7 support. It collaborates with Cynopsis Solutions, Coinfirm, and other market leaders to improve its security and regulatory compliance measures.

About Gate.io

Gate.io is a Beijing-based cryptocurrency trading platform and exchange that was established in 2017. The firm has since expanded to become one of the world’s major cryptocurrency exchanges.

Gate.io offers trading in a lot of different digital currencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, Dash, Monero, Zcash and more.