FX168 Financial News (Asia Pacific) News Binance (Binance), the world's largest cryptocurrency exchange, announced the launch of a “real token” pre-market spot trading service, a rare “derivative.” This is the first time in the cryptocurrency exchange market, enabling users to enter the market early before the token is listed on the spot market. Currently, however, the service is not available in markets such as the US, Canada, and Japan. #海外华人投资 #

Binance Exchange said on Wednesday (September 25): “Binance is the only cryptocurrency exchange that offers pre-listing spot trading. Through this transaction, tokens will be specifically distributed and generated for users to hold and trade before listing on the Binance platform.”

(Source: Binance)

A Binance spokesperson said, “Although other cryptocurrency exchanges also offer pre-market trading, they generally facilitate derivatives trading, and Binance is “the first exchange to provide users with actual token trading during pre-market trading.”

Binance's competitor Bybit also offers pre-market spot trading services, but it appears that it actually uses derivatives rather than actual tokens.

According to Bybit's official website, “Both buyers and sellers must pledge assets on the platform as a guarantee of timely settlement. The collateral will be refunded upon successful and timely settlement. All transactions are denominated in USDT USD stablecoins.” This indicates that the collateral was held while waiting for the token to be delivered.

(Source: Bybit)

On the other hand, Coinbase International's “pre-release market” service involves trading perpetual futures contracts for tokens that have not yet been issued. Coinbase recently stated: “Once the underlying token is issued on the relevant spot exchange, these contracts will seamlessly transition to standard perpetual futures contracts.”

The Binance Pre-Sale Service is the result of a collaboration between Binance Spot and the Binance New Coin Pool, which allows users to obtain new project tokens and other tokens through staking.

The Block reports that only selected Binance Launchpool tokens will be traded before the market opens. Currently, Launchpool tokens are held by users until Binance officially goes live.

A Binance spokesperson added that with Binance pre-market trading, users can trade these tokens after the Launchpool distribution is completed, subject to restrictions such as withdrawal, transfer, and deposit limits until the official launch.

Binance will announce when the Launchpool project will open pre-market trading and the start date.

Users can continue to subscribe to Launchpool as usual.

Once pre-market trading begins, all Binance users can trade tokens marked with the “pre-market” label.

Binance said that pre-market trading will end at least 4 hours before the official spot trading begins, and a separate listing announcement will be issued.

Notably, the Binance Pre-Sale Marketplace is not available in certain regions, including the US, Canada, Dubai, Japan, the Netherlands, Russia, and Spain.