After adjusting the trading volume the leading cryptocurrency exchange Binance announced the launch of its new cryptocurrency service. The announcement was unveiled on the company's website on August 26.
The platform's new service will be called Binance Lending. As the company explained, assets provided for use through Binance Lending will be used to finance margin positions. The company notes that it will distribute interest payments in accordance with its own rules with which the user agrees when starts participating in the program.
All loan products will have an initial 14-day period. Binance Coin (BNB) has the highest annual interest rate: 15%, followed by USDT with 10%, while ETC will have 7% per annum.
Interest will be paid after the loan expiration. The adjustment of interest rates will be carried out in more difficult situations in the markets.
In the notice, Binance also states that the user is responsible for his investment decisions and compliance with applicable laws in his jurisdiction regarding the sources of funds.
The new service is expected to be launched on August 28,
Also earlier, Binance faced a data leak - user images with their identities were openly posted in the Telegram group. According to experts, approximately 60,000 users who went through the KYC procedure in 2018 and 2019 were affected. However, at first, Binance did not acknowledge the leak. Exchanges CEO Changpeng Zhao said don't panic over KYC leaks. However, according to an official Binance blog post published on August 23, it says the cryptocurrency exchange will offer lifelong VIP membership to all its users affected by the recent KYC data leak.