Advertisement
AD

Main navigation

Advertisement

Shiba Inu, XRP Holders Should Pay Attention to This Binance Announcement

Advertisement
Tue, 3/10/2023 - 11:10
Shiba Inu, XRP Holders Should Pay Attention to This Binance Announcement
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Top crypto exchange Binance has made an important announcement that might concern Shiba Inu and XRP holders.

Advertisement

On Oct. 25, 2023, Binance Loans, a Binance service, will end all BUSD loan and collateral positions.

Binance said in a blog post that its Binance Loans (Flexible Rate) service will close all outstanding BUSD loan and collateral positions on Oct. 25 at 8:00 a.m. (UTC). To avoid potential losses, users are urged to repay any impacted loans by Oct. 25 at 7:59 a.m. (UTC).

However, Binance Loans (Flexible Rate) will continue to support other stablecoins as loanable and collateral assets, including FDUSD, USDT, TUSD, USDC and DAI.

Advertisement

Binance Flexible Loan is a standalone, overcollateralized, open-term loan product. Users can open isolated loan positions that each contain one collateral-loan pair, such as (BUSD collateral + ETH loan) in one position and (USDT collateral + BTC loan) in another.

Loan-to-value (LTV) ratios, as well as margin call and liquidation LTV levels, are unique to each collateral-loan pair position.

Related

In August, Binance added SHIB to loanable assets and collateral assets on the Flexible Loan and VIP Loan. A look at the Binance Loans page reveals that XRP is also supported as a loanable and collateral asset.

Binance continues to gradually phase out support for BUSD after the stablecoin came under regulatory pressure earlier this year. 

BUSD issuer Paxos ceased minting new tokens following a directive from the New York State Department of Financial Services in February this year.

Binance has stated it will be terminating support for the BUSD stablecoin by February 2024 and urged users to convert their assets to other stablecoins before the said date.

A
A
A

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD