BIT OTC Launches "Same-Name Virtual Account," Ushering in a New Era for OTC Trading
- Core Viewpoint: The BIT Group has launched a "Same-Name Virtual Account" service for its OTC business. Through cooperation with leading commercial banks, it aims to address bank scrutiny and delays in large-scale fiat-to-crypto asset conversions, optimizing the deposit and withdrawal experience for high-net-worth and institutional clients.
- Key Elements:
- The core of the service is collaborating with banks to open same-name virtual accounts, creating a compliant closed-loop capital channel to tackle the challenges of complex scrutiny and settlement delays in traditional fiat currency conversions.
- Two types of accounts are introduced: the "Core Account" supporting a single currency (USD) and the "Advanced Account" supporting multiple currencies (USD, SGD, HKD, EUR), with the latter involving cooperation with banks rated AA-.
- The service targets high-net-worth individuals and institutional clients, including miners, quantitative teams, and funds, aiming to enhance their asset allocation experience.
- BIT's Singapore subsidiary has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), providing support for its compliant operations.
- This move represents a significant milestone for BIT in promoting compliant operations and building an open and convenient crypto asset service ecosystem.
BIT, a globally leading digital asset financial services group, announced the official launch of its "Same-Name Virtual Account (VA)" service for its OTC business. This move marks a milestone step for BIT in optimizing large-scale fiat on-ramp and off-ramp channels and enhancing the asset allocation experience for high-net-worth individuals and institutional clients.
For a long time, the two-way conversion between traditional fiat currency and crypto assets has faced numerous challenges, including complex bank scrutiny and transaction delays. To address these pain points, BIT has partnered with top-tier global commercial banks to open same-name virtual accounts for clients at the bank end, establishing a compliant, closed-loop funding channel under the same name.
Diversified Account System, Limited-Time Offers Now Available
To meet the diverse needs of different types of clients, BIT OTC has launched two categories of account products for individual and institutional clients to choose from: Core Account and Plus Account.
- Core Account: A single-currency account that meets basic USD trading needs; other currencies require additional application. Efficient, convenient, and quick account opening.
- Plus Account: A multi-currency account (supporting USD, SGD, HKD, EUR). Partnered with AA- rated banks.
During the promotional period, both individual and institutional clients opening relevant accounts can enjoy limited-time discounts on account opening fees, further enhancing the account opening and usage experience.
The launch of BIT's Same-Name Virtual Account service represents another significant milestone in BIT's ongoing efforts to promote compliant operations and build a more open and convenient crypto asset service ecosystem. In the future, BIT will continue to uphold its "client-first" philosophy, constantly innovate, and provide superior services to users worldwide.
About BIT
BIT is a global digital financial services group catering to institutional clients, dedicated to providing secure and efficient digital asset trading and liquidity solutions for professional institutional investors and high-net-worth clients. Fly Wing Technologies Pte. Ltd., a wholly-owned subsidiary of BIT in Singapore, focuses on over-the-counter (OTC) business, serving global institutions and high-net-worth clients, including cryptocurrency miners, quantitative trading teams, fund companies, and high-net-worth individuals in both the crypto and traditional finance sectors. The company has officially received approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
Original link: https://www.bit.com/zh/blog/bit-otc-launches-same-name-virtualaccount
