March 29, 2024

Binance has launched an OTC platform and is preparing to launch a mining pool

Cryptocurrency exchange Binance has announced the launch of an over-the-counter trading platform.confirmed plans to create its own mining pool.

OTC trading platform, in fact,Designed to negotiate prices. The user requests a certain amount of cryptocurrency, which he wants to purchase, or offers the amount that he wants to spend. After that, he receives offers that the user can either accept or reject. If the offer is accepted, then the request is processed by Binance, and the price will be fixed.

OTC platforms are commonly used formajor deals. At the Binance OTC Trading Portal, the minimum cryptocurrency purchase amount is 10,000 USDT or the equivalent in 25 supported cryptocurrencies and tokens. At the same time, users need to go through Level 2 verification. There will be no separate wallet for using the OTC platform; instead, all transactions are carried out on a regular exchange wallet.

Binance refused to use the commission forOTC platform. Instead, a spread will be established between the prices for the purchase and sale of cryptocurrencies. That is, when buying, the real price of the asset will be higher than the market price, and when selling, respectively, lower.

As for the launch of its own miningpula, then in his Twitter post, Zhao confirmed the creation of a unit for its development. The exchange is recruiting employees for the mining pool, and the launch, according to unconfirmed reports, is scheduled for the II quarter of 2020.

About Binance's OTC plansIt was reported back in the fall of 2019, but then it was a question of trading cryptocurrencies in tandem with fiat currencies. Note that the Huobi exchange launched an over-the-counter trading platform back in May last year.

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