Binance, the biggest crypto trading exchange in the world and the pioneer of the blockchain ecosystem has decided to no longer offer PEPE as a borrowable asset in its Flexible Loan product.
The exchange said that on June 21 at precisely 08:00 UTC, all participants in Binance’s Flexible Loan market will shut down their remaining PEPE loan holdings. Before that time, users must pay off any remaining PEPE loans in order to avoid being liquidated. To be more precise, those affected will be charged a 2% liquidation fee.
This new event highlights a dynamic shift in Binance’s loan offering in addition to the liquidation charge. Furthermore, the site still relies on its flexible loan FAQ and Terms and Conditions to offer thorough details regarding this procedure.
Users can apply for isolated loans using their cryptocurrency holdings using the Binance Flexible Loan, which is an open-term, overcollateralized, isolated product.
Importantly, the terms of the Binance Flexible Loan’s repayment have not altered. It keeps asking users to settle their repayments using the same crypto they initially borrowed.
As a result, every borrower who obtains a loan in PEPE must likewise pay it back in PEPE. This policy is intended to keep the platform’s currency stable despite these changes.
In conclusion, Binance’s decision to remove PEPE from its list of borrowable assets is an example of how the dynamics of the crypto loan market are shifting. Users must keep up with developments as this market expands in order to safeguard their money.