This is a general announcement and marketing communication. Products and services referred to here may not be available in your region.
Fellow Binancians,
With the updated Binance Loans homepage, Binance is excited to introduce a new promotion for Fixed Rate Loans. Suppliers whose orders get matched during the Promotion Period can receive up to 50% Yield Boost in USDC rewards!
Promotion Period: 2024-11-12 05:00 (UTC) to 2024-11-30 23:59 (UTC)
During the Promotion Period, the first 50 users who complete at least one supply order on Fixed Rate Loans will receive up to 50% additional yields on top of the Expected Return Interest Amount, distributed in USDC after the campaign ends.
Eligible Fixed Rate Loans supply orders include:
Supplying to existing borrow orders; or
Placing a new supply order which is successfully matched.
Reward Calculation:
Expected Return Interest Amount = Deposit Amount * Interest rate * (Locked Duration / 365)
Yield Boost = Expected Return Interest Amount * 50%.
From the example above, the Expected Return Interest is 246. The supplier will receive this $123 Yield Boost in USDC on top of the Return Interests:
Yield Boost 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 an Order: Click [Supply Fund] to place an order with your customized supply amount and interest rate. Alternatively, you may also click the [Supply] button next to your preferred existing orders under [I Want to Supply]. The minimum supply amount is $50,000.
Confirm Order: Review and confirm the order details and the Terms & Conditions, click [Confirm].
Order Matched: After the order has been matched, your supplied funds will be transferred from your Spot Wallet and will be principal-protected by Binance for the duration of the order. The Return Interest starts accruing after the order is matched. Check the order status in [My Order] - [Ongoing Order].
Repayment: After the order expires, your deposits and the Return Interest will be delivered to your Spot Wallet within 24 hours following the expiry date. Check your assets in your Spot Wallet.
Borrow from Fixed Rate Loans:
Place an Order: Click [Borrow Fund] to place an order with your customized borrow amount and interest rate. Alternatively, you may also click on the [Borrow] button next to your preferred order under [I want to borrow]. The minimum borrow amount is $50,000.
Set up Collateral: Select eligible assets from your Spot Wallet as collateral to meet the Initial LTV (Loan-to-Value) requirement.
Confirm Order: Review and confirm the order details and the Terms & Conditions, then click [Confirm].
Order Matched: After the order is matched, your borrowed funds minus the pre-calculated interests will be transferred to your Spot Wallet·. Check the order status in [My Order] - [Ongoing Order].
Repayment: Please repay the loan in full before the expiry date to avoid the Late Fee.
For more information, please refer to Fixed Rate Loans FAQ.
Notes:
Please refer to Binance Fixed Rate Loans Terms and Conditions prior to placing any orders on the Binance Fixed Rate Loan platform.
Rewards:
Eligible users will receive USDC tokens in Spot Wallet no later than 3 weeks after the campaign ends.
The rewards are calculated by rounding to the nearest integer. Each user can only receive a maximum of one reward from the promotion. The reward is capped at 160 USDC per winner. Each sub-account will not be viewed as an independent account when participating in this Promotion.
For Supplier:
Once the Supply Order is placed, the Supplier’s corresponding supply assets will be frozen in their Spot wallet, which cannot be transferred or traded. If the Supplier wants to release them, they can cancel the order under unmatched status.
Once matched, the Supplier's deposits will be transferred from their Spot Wallet and will be principal-protected by Binance throughout the order duration. The Supplier cannot redeem the loaned assets before the expiry date or request earlier repayment.
No interest will accrue before the order is matched. Accrued return interest will be distributed along with the return of your supplied assets within 24 hours after the Expiry Date.
For Borrower:
Once the Borrow Order is placed, the Borrower’s collateral assets will be frozen in their Spot Wallet and cannot be transferred or traded. If the Borrower wants to release them, they have to cancel the order under unmatched status. After the order is matched, their collateral assets will be automatically transferred out of their Spot Wallet and held by Binance until the loan is repaid in full.
Loan Interest is charged in advance at the time of transfer of the loan assets. The actual amount the Borrower receives is the borrowed amount minus the precalculated Loan Interest. If the Borrower repays the loan in advance or the loan is liquidated before the loan duration expires, the amount of Loan Interest payable on the loan will remain unchanged and will not be refunded to the Borrower.
Borrowers are responsible for monitoring and adjusting the LTV (Loan-to-value). If the Borrower’s order reaches the Liquidation LTV, the system will immediately execute the forced liquidation. A liquidation fee of 2% of the borrowed amount will be charged.
Please perform repayment in time. The Late Fee will automatically accrue hourly where the Borrower fails to repay the loan on the agreed loan expiry date.
About USDC:
USDC is an e-money token issued by Circle Internet Financial Europe SAS (https://www.circle.com/). USDC’s whitepaper is available here. You may contact Circle using the following contact information: +33(1)59000130 and EEA-Customer-Support@circle.com.
Holders of USDC have a legal claim against Circle SAS as the EU issuer of USDC. These holders are entitled 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 Rate Loan Orders > Ongoing Orders.
There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise.
Thank you for your support!
Binance Team
2024-11-11
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Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice.
Disclaimer: Digital asset prices are subject to high market risk and price volatility. The value of your investment may go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Past performance is not a reliable predictor of future performance. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice. For more information, see our Terms of Use and Risk Warning.
