{"license":"CC-BY-4.0","licenseUrl":"https://creativecommons.org/licenses/by/4.0/","attribution":"ChainChoice (https://chainchoice.io)","category":"otc_desks","evidenceReadAt":"2026-11-10","generatedAt":"2026-11-12","criteria":[{"id":"published_minimum_ticket","label":"Published minimum ticket — whether you are even a customer","weight":30},{"id":"counterparty_and_client_asset_footing","label":"Counterparty entity, regulatory footing and whether your assets are segregated","weight":30},{"id":"documented_settlement_mechanics","label":"Settlement mechanics and speed, as documented","weight":22},{"id":"published_price_transparency","label":"Price transparency — is any spread, fee or commission actually published?","weight":18}],"providers":{"gemini_eotc":{"published_minimum_ticket":{"s":10,"q":"Is there a minimum trade size? The minimum trade size is $1,000 notional value per order.","u":"https://www.gemini.com/institutions/otc","d":"2026-11-10"},"counterparty_and_client_asset_footing":{"s":7,"q":"Gemini Trust Company (GTC) is a full-reserve exchange and qualified custodian under the New York Banking Law and is licensed by the New York State Department of Financial Services.","u":"https://www.gemini.com/institutions/otc","d":"2026-11-10"},"documented_settlement_mechanics":{"s":8,"q":"Through intraday delayed net settlement, institutions can increase capital efficiency and avoid missed opportunities that can result from pre-funding requirements.","u":"https://www.gemini.com/institutions/otc","d":"2026-11-10"},"published_price_transparency":{"s":2,"q":"Pricing is sourced from top liquidity providers to pass on tight spreads and deep liquidity to you. When an order is placed, it is executed using the best price across those providers, ensuring optimal price execution.","u":"https://www.gemini.com/institutions/otc","d":"2026-11-10"}},"b2c2":{"published_minimum_ticket":{"s":9,"q":"Do you have minimum/maximum trade sizes? Clients can trade in any size from small 0.0005 BTC trades to multi-million dollar blocks. The maximum trade size is negotiated individually with each client.","u":"https://b2c2.com/about/faqs","d":"2026-11-10"},"counterparty_and_client_asset_footing":{"s":8,"q":"Subsidiary B2C2 OTC Ltd. is authorised and regulated by the UK’s Financial Conduct Authority (FRN: 810834).","u":"https://b2c2.com/about/faqs","d":"2026-11-10"},"documented_settlement_mechanics":{"s":5,"q":"We offer flexible trade size and settlement terms, in contrast to peers who require same-day settlement and high minimums.","u":"https://b2c2.com/about/faqs","d":"2026-11-10"},"published_price_transparency":{"s":1,"q":"When trading OTC, you are more likely to benefit from tighter spreads, deeper liquidity and reduced market impact than when trading on exchange.","u":"https://b2c2.com/about/faqs","d":"2026-11-10"}},"coinbase_prime":{"published_minimum_ticket":{"s":1,"q":"Prime supports specifying orders in both base units","u":"https://docs.cdp.coinbase.com/prime/concepts/trading/trading-fees","d":"2026-11-10"},"counterparty_and_client_asset_footing":{"s":9,"q":"Coinbase will not, directly or indirectly, lend, pledge, hypothecate or re-hypothecate any Digital Assets","u":"https://www.sec.gov/Archives/edgar/data/1838028/000162828024030157/exhibit101-8xk.htm","d":"2026-11-10"},"documented_settlement_mechanics":{"s":6,"q":"custody, trade execution, lending or post-trade credit (if applicable) | For OTC Services, CES personnel will confirm the terms of an Order (which terms shall include asset, quantity, price, settlement timing and fees) with Client prior to executing the Order.","u":"https://www.sec.gov/Archives/edgar/data/1838028/000162828024030157/exhibit101-8xk.htm","d":"2026-11-10"},"published_price_transparency":{"s":4,"q":"Fees are always charged in the quote currency of the trading pair, regardless of order type or direction","u":"https://docs.cdp.coinbase.com/prime/concepts/trading/trading-fees","d":"2026-11-10"}},"cumberland":{"published_minimum_ticket":{"s":1,"q":"You will need to be approved as a counterparty prior to entering into any such transactions, each of which will be subject to individual negotiation and agreement.","u":"https://cumberland.io/terms-and-conditions","d":"2026-11-10"},"counterparty_and_client_asset_footing":{"s":7,"q":"Cumberland New York is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. | Cumberland International Trading Ltd.","u":"https://cumberland.io/policy","d":"2026-11-10"},"documented_settlement_mechanics":{"s":9,"q":"Does Cumberland require prefunding? All trades with Cumberland are settled post-trade. API trades are settled in a roll-up, which nets trades made during each 24-hour period.","u":"https://cumberland.io/faq","d":"2026-11-10"},"published_price_transparency":{"s":5,"q":"Cumberland New York LLC (“Cumberland NY”) price quotes for spot cryptoasset transactions (including this transaction) may be above or below a composite fair-market midpoint value calculated by Cumberland NY using proprietary models (“Composite Midpoint”).","u":"https://cumberland.io/terms-and-conditions","d":"2026-11-10"}},"binance_otc":{"published_minimum_ticket":{"s":5,"q":"The minimum trade size for manual Spot RFQ and IOI transactions is USD 200,000 or its equivalent. The minimum trade size for Options RFQ varies based on the specific trading symbol.","u":"https://www.binance.info/en/otc","d":"2026-11-10"},"counterparty_and_client_asset_footing":{"s":5,"q":"At Binance, the two counterparties are the user who requests the trade and the Binance OTC desk.","u":"https://www.binance.info/en/support/faq/detail/557f95eaf8fb4460aed0a891d42a1425","d":"2026-11-10"},"documented_settlement_mechanics":{"s":6,"q":"Trades are settled directly to the Binance Spot Account you specify (supports both master and sub-accounts). Typically, settlement takes place immediately after your trade.","u":"https://www.binance.info/en/support/faq/detail/557f95eaf8fb4460aed0a891d42a1425","d":"2026-11-10"},"published_price_transparency":{"s":5,"q":"Options RFQ trades are subject to a flat trading fee of 0.02%, in addition to standard exercise fees.","u":"https://www.binance.info/en/otc","d":"2026-11-10"}},"bitfinex_otc":{"published_minimum_ticket":{"s":6,"q":"Minimum trade size via the desk: USD 100,000 equivalent.","u":"https://www.bitfinex.com/otc/","d":"2026-11-10"},"counterparty_and_client_asset_footing":{"s":2,"q":"Bitfinex OTC operates within Bitfinex’s established platform security and compliance frameworks. We combine robust custody and settlement practices with regulated onboarding procedures to meet institutional requirements.","u":"https://www.bitfinex.com/otc/","d":"2026-11-10"},"documented_settlement_mechanics":{"s":7,"q":"How long does settlement take? Settlement is instant. All assets are immediately available once the trade is accepted.","u":"https://www.bitfinex.com/otc/","d":"2026-11-10"},"published_price_transparency":{"s":3,"q":"Fees are built into the desk quote (transparent pricing at the point of trade).","u":"https://www.bitfinex.com/otc/","d":"2026-11-10"}},"falconx":{"published_minimum_ticket":{"s":1,"q":"Availability of products and services is subject to jurisdictional limitations, credit underwriting standards, and capabilities of each FalconX entity.","u":"https://www.falconx.io/services/trading","d":"2026-11-10"},"counterparty_and_client_asset_footing":{"s":7,"q":"FalconX Limited, FalconX Bravo, Inc., FalconX Delta, Inc., and Solios, Inc. are not registered with the Securities & Exchange Commission or the Financial Industry Regulatory Authority. FalconX Golf Pte. Ltd. are not regulated by the Monetary Authority of Singapore.","u":"https://www.falconx.io/services/trading","d":"2026-11-10"},"documented_settlement_mechanics":{"s":4,"q":"Margin Loans & Flexible Settlement","u":"https://www.falconx.io/","d":"2026-11-10"},"published_price_transparency":{"s":1,"q":"Enhance decision-making with Trade Cost Analytics (TCA), providing detailed performance metrics against benchmarks","u":"https://www.falconx.io/services/trading","d":"2026-11-10"}},"wintermute_otc":{"published_minimum_ticket":{"s":3,"q":"Bespoke: any size, any time, any parameter","u":"https://www.wintermute.com/otc","d":"2026-11-10"},"counterparty_and_client_asset_footing":{"s":3,"q":"Neither Wintermute Entity is authorised or regulated by any regulatory authority. Any party trading with either Wintermute Entity may not benefit from the protections typically provided when trading with regulated entities, such as any compensation or ombudsman schemes.","u":"https://www.wintermute.com/otc","d":"2026-11-10"},"documented_settlement_mechanics":{"s":2,"q":"Hedge both liquid and locked token positions by trading forwards, or get indirect exposure to digital assets via cash-settled NDFs.","u":"https://www.wintermute.com/otc","d":"2026-11-10"},"published_price_transparency":{"s":1,"q":"Neither Wintermute Entity provides any warranty, whether express or implied, as to any results, including, but not limited to, in relation to prices and the timing, speed or likelihood of any transactions with Wintermute.","u":"https://www.wintermute.com/otc","d":"2026-11-10"}}}}