This is a general announcement and marketing communication. The products and services mentioned here may not be available in your region.
Hello Binancians,
Along with the updated Binance Loans homepage, Binance is excited to introduce a new promotion for Fixed Rate Loans. Providers whose orders are matched during the Promotion Period can receive up to a 50% Yield Boost in USDC rewards!
Promotion Period: 12-11-2024 at 12.00 WIB to 01-12-2024 at 06.59 WIB
During the Promotion Period, the 50 fastest users who complete a minimum of one supply order on Fixed Rate Loans will receive an additional yield of up to 50% in addition to the Expected Return Interest Amount, distributed in USDC after the campaign ends.
Supply orders for eligible Fixed Rate Loans include:
Supply to existing loan orders; or
Placing a new supply order that was successfully matched.
Reward Calculation:
Expected Interest Return Amount = Deposit Amount * Interest Rate * (Locked Duration / 365)
Example: A provider supplies $50,000 worth of stablecoins at a 6% interest rate for 30 days.
Expected Return Interest Amount: 50,000 * 6% * (30 / 365) = 246
Yield Increase = Expected Interest Return Amount * 50%.
From the example above, the Expected Return Interest is 246. The Provider will receive the $123 Yield Increase in USDC in addition to the Return Interest:
Yield Increase: 246 * 50% = 123
Yield increase is capped at 160 USDC per winner. Each eligible user can only receive a maximum of one reward.
How Binance Fixed Rate Loans Work:
Deposit and Supply to Fixed Rate Loans:
Place Order: Click [Supply Funds] to place an order with your specific supply amount and interest rate. You can also click the [Supply] button next to your existing order of choice in [I Want to Supply]. The minimum supply amount is $50,000.
Order Confirmation: Review and confirm the order details and Terms & Conditions, then click [Confirm].
Matched Order: Once an order is matched, the supplied funds will be transferred from your Spot Wallet and the principal will be protected by Binance for the duration of the order. Return Interest starts accruing once the order is matched. Check the order status in [My Orders] - [Ongoing Orders].
Settlement: Once the order is closed, your deposit and Return Interest will be sent to your Spot Wallet within 24 hours after the expiration date. Check your assets in your Spot Wallet.
Borrow from Fixed Rate Loans:
Place Order: Click [Borrow Funds] to place an order with the loan amount and interest rate you specify. You can also click the [Borrow] button next to your old order of choice in [I want to borrow]. The minimum loan amount is $50,000.
Set Collateral: Select eligible assets from your Spot Wallet as collateral to meet the Initial LTV (Loan-to-Value) requirement.
Order Confirmation: Review and confirm the order details and Terms & Conditions, then click [Confirm].
Order Matched: Once the order is matched, your loan funds minus the pre-calculated interest will be transferred to your Spot Wallet. Check the order status in [My Orders] - [Ongoing Orders].
Repayment: Please repay the loan in full before the expiration date to avoid Late Fees.
Get Started with Binance Fixed Rate Loans Today!
For more information, please read Fixed Rate Loan FAQ.
Notes:
Please read Binance Fixed Rate Loan Terms and Conditions before placing any orders on the Binance Fixed Rate Loan platform.
Reward:
Eligible users will receive USDC tokens in their Spot Wallet no later than 3 weeks after the campaign ends.
Rewards are calculated by rounding to the nearest whole number. Each user can only receive a maximum of one reward from this promotion. Rewards are capped at a maximum of 160 USDC per winner. Any sub-accounts will not be considered as independent accounts when participating in this Promotion.
For Providers:
Once a Supply Order is placed, the Provider’s corresponding Supply assets will be frozen in their Spot wallet, making them untransferable or untradeable. Providers can release them by canceling the order in unmatched status.
Once matched, the Provider’s deposit will be transferred from their Spot Wallet and the principal will be protected by Binance for the duration of the order. Providers cannot redeem the loaned assets before the expiration date or request early repayment.
Interest will not be collected until the order is matched. The collected return interest will be distributed along with the return of the assets you supplied within 24 hours after the Expiration Date.
For Borrowers:
Once a Loan Order is placed, the Borrower’s collateral will be frozen in their Spot Wallet and cannot be transferred or traded. If the Borrower wants to release it, they must cancel the order in unmatched status. Once the order is matched, your collateral will be automatically transferred out of your Spot Wallet, and held by Binance until the loan is fully repaid.
Loan Interest is charged upfront when the loan asset is transferred. The actual amount received by the Borrower is the loan amount minus the previously calculated Loan Interest. If the Borrower pays off the loan in advance or the loan is liquidated before the loan term ends, the amount of Loan Interest payable on the loan will not change and will not be returned to the Borrower.
The Borrower is responsible for monitoring and adjusting the LTV (Loan-to-value). If the Borrower's order reaches the Liquidation LTV, the system will immediately execute a forced liquidation. A liquidation fee of 2% of the loan amount will be charged.
Please make your repayments on time. Late Fees will be added automatically per hour if the Borrower fails to repay the loan by the agreed loan expiry date.
About USDC:
USDC is an e-money token issued by Circle Internet Financial Europe SAS (https://www.circle.com/). The USDC whitepaper is available here. You can contact Circle using the following contact information: +33(1)59000130 and EEA-Customer-Support@circle.com.
USDC holders have a legal claim against Circle SAS as the issuer of EU USDC. These holders have the right to request redemption of their USDC from Circle SAS. Such redemption will be made at any time and at par value.
Users can view their orders by going to Fixed Interest Loan Orders > Ongoing Orders.
There may be differences between the original English content and the translated versions in other languages. Please refer to the original English version for the most accurate information if any discrepancies arise.
Thank you for your support!
Tim Binance
11-11-2024
