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Home CRYPTO

Binance Announces New ‘Pre Market’ Feature with Real Tokens

by Sham
September 25, 2024
in CRYPTO
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  • Binance has launched a pre-market spot trading service, enabling users to take early positions before a token’s spot market listing.
  • Unlike competitors, Binance offers pre-market trading of actual tokens, not derivatives.
  • The pre-market period will close at least four hours before the official spot trading, with a separate announcement for the listing.

Binance has launched a pre-market spot trading service, enabling users to take early positions before a token’s spot market listing.

ICYMI: @binance has announced its new ‘Pre Market’ feature allowing traders to get early access to tokens 🚀 pic.twitter.com/0v3NEyuvZ8

— BlockNews.com (@blocknewsdotcom) September 25, 2024

How Does Binance Pre-Market Work?

The Binance Pre-Market service is a joint effort between Binance Spot and Binance Launchpool, which allows users to acquire new project tokens by staking BNB and other tokens.

Only selected Binance Launchpool tokens will be available for pre-market trading. Currently Launchpool tokens are held by users until the official spot listings on Binance. With Binance Pre-Market, users can trade these tokens after the Launchpool distribution is completed, subject to restrictions such as withdrawal, transfer and deposit limits until the official listing, the spokesperson said.

Binance will announce when a Launchpool project is available for pre-market trading and its start date. Users can continue subscribing to Launchpool as usual. Once pre-market trading begins, all Binance users can trade the pre-market tagged tokens, Binance said.

The pre-market period will close at least four hours before the official spot trading, with a separate announcement for the listing.

Key Details

Unlike competitors, Binance offers pre-market trading of actual tokens, not derivatives, a Binance spokesperson told The Block.

While other crypto exchanges offer pre-market trading, they typically facilitate the trading of derivatives, whereas Binance is the first exchange to have actual tokens for users to trade during pre-market, the spokesperson said.

Binance Pre-Market is unavailable in certain regions including the US, Canada, Dubai, Japan, the Netherlands, Russia and Spain.

Conclusion

Binance’s pre-market spot trading service enables users to take positions in new tokens before official listing. It is the first exchange to offer trading of actual tokens rather than derivatives during the pre-market period. The service is currently unavailable for users in several major jurisdictions.

Tags: BinanceBNBpre-market spot tradingThe Block
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