This is a general announcement and marketing communication. Products and services referred to here may not be available in your region.
Fellow Binancians,
To celebrate the launch of Fixed Rate Loans, Binance is excited to launch a new promotion, providing borrowers and suppliers enhanced liquidity options and a chance to win 799 USDC and 100 USDC in token voucher respectively.
Promotion Period: 2024-09-19 05:00 (UTC) to 2024-10-11 23:59 (UTC)
During the Promotion Period, users who borrow at least a total of $200,000 equivalent on Fixed Rate Loan will be ranked by their total borrow amount in USD Equivalent. The top ten eligible participants will then qualify to each receive 799 USDC token vouchers.
Eligible Fixed Rate Loans borrow orders include:
Borrowing from existing supply orders, or
Placing a borrow order which got matched
During the promotion period, users who complete at least one supply order on Fixed Rate Loans will be ranked by their total supply amount in USD Equivalent. The top 30 eligible participants will then qualify to each receive 100 USDC token vouchers.
Eligible Fixed Rate Loans supply orders include:
Supplying to existing borrow orders, or
Placing a new supply order which got matched
How Binance Fixed Rate Loans Work:
To Borrow on Fixed Rate Loans:
Place an Order: Click [Place an order] - [I want to Borrow] to place an order to set up borrow information or click [Borrow] next to your preferred order under “Borrow Market”.
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, click [Confirm].
Order Matched: After the order has been 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: Repay the loan in full before the expiry date to avoid the Late Fee.
To Supply on Fixed Rate Loans:
Place an Order: Click [Place an order] - [I want to Supply] to place an order to set up supply information or click [Supply] next to your preferred order under Supply Market.
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. Return Interest starts accruing on matching. Check the order status in [My Order] - [Ongoing Order].
Repayment: After the loan expires, your loaned assets and Return Interest will be delivered to your Spot Wallet within 24 hours following the expiry date. Check your assets in your Spot Wallet.
For more information, please refer to Fixed Rate Loans FAQ, Flexible Loans FAQ and VIP Loan 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 token vouchers in 3 weeks after the campaign ends.
Users can login and redeem their token voucher rewards via Profile > Rewards Hub. Learn how to redeem a token voucher.
All the distributed token vouchers will expire within 30 days after distribution. Eligible users should claim their voucher rewards before the expiration date.
Each user can only receive a maximum of one reward from these promotions. Each sub-account will not be viewed as an independent account when participating in this Promotion.
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.
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.
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 have to cancel the order under unmatched status.
After the order is matched, the Supplier’s supply assets will be transferred from their spot wallet and will be principal-protected by Binance for the duration of the order. 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.
Users can view their orders by going to Fixed Rate Loan Orders > Ongoing Orders.
There may be discrepancies in the translated version of this original article in English. Please reference this original version for the latest or most accurate information where any discrepancies may arise.
Thank you for your support!
Binance Team
2024-09-19
Trade on-the-go with Binance’s crypto trading app (iOS/Android)
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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.
