Binance, the popular cryptocurrency exchange, has launched a promotion offering up to 7 days of interest-free loans for users borrowing USDT, FDUSD, or USDC through team formation. The promotion is valid from November 6, 2024, to December 13, 2024, and the first 200 eligible teams will receive rewards covering up to seven days of borrowing interest.
Both the inviter and invitee in each team will benefit from this reward, which is calculated based on the total interest accrued on eligible Binance Loans (Flexible Rates) during the promotional period. To qualify, participants must place a new loan order of at least $5,000 equivalent in USDT, FDUSD, or USDC, and maintain it for 25 consecutive days.
Additionally, they must invite another user to do the same. The invitee must enter the inviter’s referral ID in a survey before the promotion ends to form a valid team. Rewards are calculated based on the total interest of the loans during the promotion, multiplied by a factor of 7/25. For instance, if a user borrows 10,000 USDC, with an average interest rate of 9%, the estimated total loan interest over 25 days would be 61 USDC.
The campaign reward would then amount to 17 USDC. Users must complete identity verification and be eligible for Binance Loans (Flexible Rates), which may be subject to regional restrictions. Binance reserves the right to disqualify participants who manipulate the system or violate terms and conditions.
Rewards will be distributed in USDC within three weeks after the campaign concludes. This initiative by Binance is aimed at enhancing the user experience and encouraging the use of its flexible loan services, positioning itself as a competitive option in the cryptocurrency lending space.
