Binance Lending Prodcuts 2nd Phase to Start Tomorrow

Simultaneously, interest payments for some of the assets were reduced along with lending terms reduction
03 September 2019   634

This Tuesday, the Binance cryptocurrency exchange announced the launch of the second phase of the Binance Lending program, in which users are given the opportunity to transfer their assets to finance margin positions for a set percentage.

The second stage of Binance Lending starts on September 4 at 06:00 UTC. In addition to Binance Coin, USDT and Ethereum Classic, users are now invited to invest in bitcoins, Ethereum and Cardano.

At the same time, the terms of deposits and interest payouts for some assets were changed. BNB, for example, can now be invested for 28 days at an interest rate of 10% per year, whereas at the previous stage the conditions assumed 14 days and 15%, respectively. Similarly, the offer for USDT was changed.

Binance Lending Product Details
Binance Lending Product Details 

Earlier, Binance promised to make adjustments to the Binance Lending program according to user demand, which was reflected at the new stage. At the same time, the product for Ethereum Classic, which is proposed to be provided for 14 days at 7% per annum, has not been changed.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   234

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.