This is a general announcement, and the products and services mentioned here may not be applicable in your region.
Dear User:
Binance Staking Borrowing updates homepage content, specially launching Easy Deposit and Loan limited-time event. During the event, users who deposit coins will successfully match orders and can receive up to 50% additional earnings, rewards will be distributed in USDC!
Event Time: November 12, 2024, 13:00 to December 01, 2024, 07:59 (UTC+8)
During the event, the first 50 depositors who successfully match at least one Easy Deposit and Loan order will not only receive deposit earnings but also up to 50% additional deposit earnings, which will be distributed in USDC after the event ends.
Eligible deposit orders include:
Select a borrowing order from existing orders and complete the deposit;
Submit a new deposit order and match successfully.
Reward Calculation:
Estimated earnings = Deposit amount * Deposit interest rate * (Deposit term / 365).
Example: If the depositor deposits $50,000 in stablecoins, with a deposit interest rate of 6% for a term of 30 days. The estimated earnings would be 50,000 * 6% * (30 / 365) = 246.
Event additional earnings = Estimated earnings * 50%
According to the above example: Estimated earnings are 246. This depositor will receive an additional earning of $123, which will be distributed in USDC to the user's spot wallet.
Event additional earnings = 246 * 50% = 123
Each winning user's additional earnings limit for the event is 160 USDC. Each eligible user can receive only one reward.
How to Use Easy Deposit and Loan:
Depositing:
Place Order: Click the [Deposit] button at the top of the page, set the deposit amount and your desired yield rate. You can also click on the order you want to match in the [I Want to Deposit] order list to proceed with [Depositing];
Confirm Order: Review and confirm the order details and terms and conditions, click [Confirm];
Order Matching: After the order is matched, your assets will be transferred from your spot wallet, and Binance will provide principal management during the deposit period. Earnings will start accumulating after the order is successfully matched. You can view order details in [My Orders] - [Ongoing Orders];
Repayment: After the order expires, your assets and the earnings accumulated during the deposit period will be distributed to your spot wallet within 24 hours after the expiration date.
Borrowing:
Place Order: Click the [Borrow] button at the top of the page, set the borrowing amount and the desired borrowing interest rate. You can also click on the order you want to match in the [I Want to Borrow] order list to proceed with [Borrowing];
Set Collateral: Choose eligible assets from your spot wallet as collateral to meet the initial Loan-to-Value ratio (LTV) requirements;
Confirm Order: Review and confirm the order details and terms and conditions, click [Confirm];
Order Matching: After the order is matched, your borrowed funds will be released to your spot wallet after deducting estimated interest. You can view order details in [My Orders] - [Ongoing Orders];
Repayment: Please repay the loan in full before the expiration date to avoid interest penalties.
For more information, please refer to Easy Deposit and Loan FAQs.
Note:
Please read and agree to the Binance Easy Deposit and Loan Terms carefully before using Binance Easy Deposit and Loan;
Event Rewards:
USDC rewards will be distributed to users' spot wallets within three weeks after the event ends;
Rewards are calculated and rounded to the nearest integer. Each user can only receive one reward from this event. The limit for additional earnings for each winning user is 160 USDC. Sub-accounts cannot participate in this event separately.
Depositor Related:
After submitting a deposit order, the assets to be deposited by the depositor will be frozen in the spot wallet and cannot be transferred or traded. In an unmatched state, the assets can be unlocked by canceling the order;
Once the order is matched, the deposited assets will be transferred from the depositor's spot wallet, and Binance will provide principal management (in coin denomination) during the deposit period. The depositor cannot redeem or request early repayment before the order expiration;
No interest earnings will be generated before the order is matched. Within 24 hours after the order expiration, earnings will be distributed to the depositor's spot wallet along with the deposited assets.
Borrower Related:
Once a borrowing order is submitted, the borrower’s collateral assets will be frozen in the spot wallet and cannot be transferred or traded. In an unmatched state, the collateral can be unlocked by canceling the order. Once the order is matched, the borrower's collateral will automatically be transferred from the spot wallet to Binance’s collateral management account until the borrowing order is fully repaid;
Borrowing interest will be collected in advance when the borrowing assets are lent out, and the actual amount received by the borrower will be the borrowing amount minus the borrowing interest. Early repayment or liquidation before the order expiration will not change the borrowing interest and it will not be refunded;
Borrowers must monitor and adjust the LTV ratio in real time. If the borrowing order reaches the forced liquidation LTV, the system will immediately execute forced liquidation and charge a 2% forced liquidation fee on the borrowing amount;
If the borrower does not repay on time at the expiration of the borrowing order, a late penalty will automatically accrue, and interest will be calculated hourly.
Users can view order details in the Easy Deposit and Loan orders > Ongoing Orders;
There may be discrepancies between the English original announcement and the translated version. If there are any discrepancies, please refer to the English original for the latest or most accurate information.
Thank you for your support of Binance!
Binance Team
November 11, 2024
