Binance has launched the OTC platform and is preparing to launch the mining pool.

   Binance has announced the launch of an over-the-counter trading floor. In addition, Changpeng Zhao confirmed plans to create its own mining pool.

The OTC trading platform is, in fact, intended for price negotiation. The user asks for a certain amount of crypt currency he wants to buy or offers the amount he wants to spend. After that, they receive offers that the user can either accept or reject. If the offer is accepted, the request is processed by Binance, and the price is fixed.

OTC platforms are usually used for large transactions. On Binance OTC Trading Portal, the minimum purchase amount of a cryptovite is 10,000 USDT or the equivalent in 25 supported cryptovites and tokens. At the same time, users need to pass level 2 verification. There will be no separate wallet to use the OTC platform, instead, all transactions are carried out on an ordinary exchange wallet.

Binance has refused to use fees on the OTC platform. Instead, the spread between the prices of buying and selling cryptov currencies will be set. 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 mining pool, Zhao confirmed in his Twitter message 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 second quarter of 2020.

Binance's plans to create an over-the-counter platform were reported back in the fall of 2019, but then it was about trading in crypt currencies paired with fiat currencies. It should be noted that the Huobi exchange launched an OTC trading floor back in May last year.