Binance Introduces Interest-Free Loans for USDT, FDUSD, and USDC
Joerg Hiller Nov 06, 2024 04:38
Binance launches a promotion offering up to 7 days of interest-free loans for users borrowing USDT, FDUSD, or USDC through team formation.
Binance has announced a new promotional campaign offering interest-free loans for up to seven days, specifically targeting users of its Binance Loans (Flexible Rates) service. The promotion is available for users borrowing USDT, FDUSD, and USDC by forming teams, according to Binance.
Promotion Details
Running from November 6, 2024, to December 13, 2024, the promotion allows the first 200 eligible teams to receive rewards covering up to seven days of borrowing interest. Both the inviter and invitee in each team will benefit from this reward, which is calculated based on the total interest accrued on eligible Binance Loans (Flexible Rates) during the promotional period.
Participation Requirements
To qualify, participants must place a new loan order of at least $5,000 equivalent in USDT, FDUSD, or USDC, and maintain it for 25 consecutive days. Additionally, they must invite another user to do the same. The invitee must enter the inviter’s referral ID in a survey before the promotion ends to form a valid team.
Reward Calculation
Rewards are calculated based on the total interest of the loans during the promotion, multiplied by a factor of 7/25. For instance, if a user borrows 10,000 USDC, with an average interest rate of 9%, the estimated total loan interest over 25 days would be 61 USDC. The campaign reward would then amount to 17 USDC.
Terms and Conditions
To participate, users must complete identity verification and be eligible for Binance Loans (Flexible Rates), which may be subject to regional restrictions. Binance reserves the right to disqualify participants who manipulate the system or violate terms and conditions. Rewards will be distributed in USDC within three weeks after the campaign concludes.
This initiative by Binance is aimed at enhancing the user experience and encouraging the use of its flexible loan services, positioning itself as a competitive option in the cryptocurrency lending space.
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