The most well-known cryptocurrency exchange, Binance, has declared that it will introduce a new service focused on XRP, the sixth-most valuable cryptocurrency. Specifically, on Monday, March 11, Binance will launch XRP/USDT Options on Binance Options RFQ. Today, the exchange announced the adjustment in a statement posted on its official website.
The announcement emphasizes Binance’s objective of broadening the range of trading options available on Binance Options RFQ, aiming to enhance users’ trading experiences. Notably, RFQ stands for “Request for Quote.
Through Binance Options RFQ, users have the ability to directly request quotes for options trades from the Binance’s OTC Trading Desk. This service ensures institutional-grade liquidity, allowing users to execute substantial options trades over the counter at competitive prices and without incurring fees.
Binance Unveils European-Style XRP Options
Binance has noted that the upcoming XRP/USDT Options will be European-style options contracts. In contrast to American-style options, Binance’s Options are European-style contracts. You can only use them at the end, but you can trade them at the current price before that.
The exchange has made it clear that trading options involves a high degree of risk and that there is a chance for both large profits and losses. An option buyer’s maximum loss is capped to the premium they paid to purchase the option. The terms stated in the Binance Options Service Agreement will apply to users who trade Binance’s Options.
However, It’s worth noting that the recent announcement by Binance’s regarding the introduction of XRP Options trading services has not significantly impacted the price of XRP. As of the current press time, the asset is trading at $0.6176, reflecting a 1.23% decline. The recent decline in XRP’s price has become more noticeable in the past few hours, particularly in response to Bitcoin’s slight retracement. The Binance Options Service Agreement will apply to users who trade Binance’s Options.
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