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Binance tightens asset standards: PEPE excluded from borrowable assets

Binance

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TL;DR

  • Binance ends PEPE collateral support on the Flexible Loan platform, prioritizing reliable assets.
  • Users must repay PEPE loans promptly before June 21, 2023, to avoid disruptions.
  • Binance’s decision protects users from potential risks associated with less reputable cryptocurrencies.

Binance, the leading cryptocurrency exchange, has recently announced a major decision that could have significant implications for its users. Starting from June 21, 2023, at 08:00 (UTC), Binance will cease accepting PEPE as collateral on its Flexible Loan platform. This move is part of Binance’s ongoing commitment to providing its customers access to reliable, high-quality assets.

The decision to delist PEPE comes from Binance’s dedication to maintaining a robust and trustworthy platform. PEPE, unfortunately, fails to meet the necessary criteria to be considered a dependable asset for collateral. Consequently, Binance has decided to exclude it from the Flexible Loan platform, preventing users from borrowing PEPE.

Users must take note of this announcement and take action if they have any outstanding loans involving PEPE. All loans must be repaid before the specified due date to avoid any potential disruptions in the service. Borrowers should know that a 2% liquidation charge will apply to liquidation.

Furthermore, Binance requires users to repay their Flexible Loans using the same cryptocurrency they borrowed. Therefore, individuals who have borrowed PEPE must ensure they have enough PEPE funds available to meet their repayment obligations promptly.

This decision by Binance underscores the importance of offering customers access to reliable and trustworthy assets. By removing PEPE from its Flexible Loan platform, Binance aims to protect its users from potential risks associated with less reputable cryptocurrencies.

While this announcement may disappoint some users utilizing PEPE as collateral, Binance’s commitment to maintaining a secure and reliable trading environment takes precedence. Binance continues to assess and evaluate various assets to ensure they meet its stringent standards, ultimately safeguarding the interests of its user base.

Binance’s decision to exclude PEPE as collateral on its Flexible Loan platform, effective June 21, 2023, demonstrates the exchange’s dedication to providing customers with access to high-quality assets.

Users are urged to settle any outstanding loans involving PEPE promptly to avoid service disruptions, and it’s important to note that liquidation cases will incur a 2% charge. Binance’s ongoing efforts to prioritize reliability and security are vital in the rapidly evolving cryptocurrency landscape.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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