This is a general notice and marketing communication. The products and services mentioned here may not be available in your area.
Dear Binance Community,
To celebrate the launch of Fixed Rate Loans, Binance is excited to launch a new incentive program, offering borrowers and lenders enhanced liquidity options and the chance to win token vouchers worth 799 USDC and 100 USDC.
Program time: 12:00 September 19, 2024 (Vietnam time) - 06:59 October 12, 2024 (Vietnam time)
Program A: Borrow from Fixed Rate Loan to Win 799 USDC
During the Promotion Period, users who borrow a total amount equivalent to at least 200,000 USD on Fixed Rate Loan will be ranked according to their total loan amount in USD equivalent value. The top 10 qualified participants will then be able to receive 799 USDC each in the form of token vouchers.
Valid loan orders on Fixed Rate Loans include:
Borrow from existing loan orders, or
Place a loan order and get it matched
Program B: Lend on Fixed Rate Lending to Earn 100 USDC
During the program, users who complete at least 1 loan order on Fixed Rate Loan will be ranked according to the total amount they lend in USD equivalent value. The top 30 qualified participants will then be able to receive 100 USDC each in the form of token vouchers.
Valid loan orders on Fixed Rate Loans include:
Lending against existing loan orders, or
Place a new loan order and get it matched
How Fixed Rate Loans Work on Binance:
To borrow on Fixed Rate Loans:
Place an order: Click [Place an order] - [I want to borrow] to place an order to set up the borrowing information or click [Borrow] next to your desired order in the "Borrow Market" section.
Set up collateral: Select eligible assets from your Spot Wallet as collateral to meet the initial LTV (Loan-to-Value Ratio) requirement.
Confirm Order: Review and confirm the order details and Terms and Conditions, then click [Confirm].
Order Filled: Once the order is filled, the borrowed amount minus the pre-calculated interest will be transferred to your Spot Wallet. Check the order status in [My Orders] - [Orders in Progress].
Repayment: Repay the entire loan by the due date to avoid Late Fees.
To lend on a Fixed Rate Loan:
Place an order: Click [Place an order] - [I want to mortgage] to place an order to set up loan information or click [Lend] next to your desired order in the "Mortgage Market" section.
Confirm Order: Review and confirm the order details and Terms and Conditions, then click [Confirm].
Order Filled: Once the order is filled, the amount you lent will be transferred from your Spot Wallet and your principal will be protected by Binance for the duration of the order. The interest will start accruing once filled. Check the order status in [My Orders] - [Orders in Progress].
Repayment: Once the loan matures, the assets you lent and the Repaid Interest will be transferred to your Spot Wallet within 24 hours after the maturity date. Check your assets in your Spot Wallet.
Start Using Fixed Rate Loans on Binance Today!
For more information, please refer to Fixed Rate Loan FAQ, Flexible Loan FAQ and VIP Loan FAQ.
Note:
Please refer to Binance Fixed Rate Loan Terms and Conditions before placing any orders on the Binance Fixed Rate Loan platform.
Reward:
Eligible users will receive USDC token vouchers within 3 weeks after the program ends.
Users can log in and redeem their token voucher rewards via the Profile > Rewards Station section. Learn how to redeem token vouchers.
All allocated voucher tokens will expire within 30 days of allocation. Eligible users must claim their voucher rewards before the expiration date.
Each user can only receive a maximum of one reward from these programs. Sub-accounts will not be considered as independent accounts when participating in this Program.
About USDC:
USDC is a cryptocurrency token issued by Circle Internet Financial Europe SAS (https://www.circle.com/). The USDC white paper 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 USDC in the European Union. Such holders have the right to request redemption of their USDC from Circle SAS. Such redemption requests will be honored at any time at face value.
For Borrowers:
After placing a Borrow Order, the Borrower's collateral will be frozen in their Spot Wallet and cannot be transferred or traded. If the Borrower wishes to unfreeze the order, they must cancel the order in its unfilled state. Once the order is filled, their collateral will be automatically transferred out of the Spot Wallet and held by Binance until the loan is fully repaid.
Lending Interest is pre-calculated at the time of transfer of the loaned assets. The actual amount received by the Borrower is the borrowed amount minus the pre-calculated Lending Interest. If the Borrower prepays the loan or Binance liquidates the loan before the end of the loan term, the Lending Interest payable on the loan will not change and will not be refunded to the Borrower.
It is the borrower's responsibility to monitor and adjust the LTV (Loan to Value Ratio). If the borrower's order reaches the liquidation LTV, the system will immediately initiate a forced liquidation. The system will charge a liquidation fee of 2% of the loan amount.
Please repay on time. Late fees will automatically accrue hourly when the Borrower fails to repay the loan on the agreed loan due date.
For Lenders:
After placing a Loan Order, the Lender's corresponding loan assets will be frozen in their Spot Wallet, they will not be able to transfer or trade these assets. If the Lender wants to unfreeze, they must cancel the order in the unfilled state.
Once the order is matched, the Lender's lent assets will be transferred from their Spot Wallet and will be protected by Binance for the duration of the order. Lenders cannot withdraw the lent assets before the maturity date or request early repayment.
Interest will not accrue before the order is filled. Accrued interest will be distributed upon return of the assets you lent within 24 hours of the Maturity Date.
Users can view their orders by going to Fixed Rate Loan Orders > Orders in Progress.
The translation of the article and the original English version may have differences. Please refer to the original for the latest or most accurate information if there are any differences.
Thanks for your support!
Binance Team
19/09/2024
