Binance, the largest crypto exchange in the world, has announced the launch of its new Binance Pre-Market platform.
In a blog post, Binance says the new service allows users to acquire tokens in advance of their official spot listing through the exchange’s Launchpool platform.
Launchpool is Binance’s service that allows users to earn yet-to-be-launched tokens by staking BNB, the exchange’s utility coin.
“By participating in pre-market trading, you get to trade these tokens – usually earned through staking – before they’re officially listed.
This early access allows you to act on insights quickly and establish positions at the onset of market availability. Ideal for both seasoned traders and newcomers, Binance Pre-Market equips you to proactively navigate the market.”
According to Binance, there are restrictions on how many tokens one user can buy in pre-market, but there are none on how many tokens can be sold. After the token’s launch date, it transitions into regular spot trading where it can then be withdrawn, transferred or deposited.
Because of the “early access nature” of Pre-Market trading, Binance says coins launched through the system may have higher volatility, sudden price changes, and limited ability to buy or sell tokens at a desired price.
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