Binance, one of the leading cryptocurrency exchanges, has made a significant change to its Flexible Loan service by delisting PEPE as a borrowable asset.
This decision impacts users who have existing PEPE loans, as Binance has set a deadline for loan repayment to avoid potential liquidation.
Effective from 2023-06-21 08:00 (UTC), Binance will close all outstanding PEPE loan positions within its Flexible Loan service.
To prevent potential liquidation, users are strongly advised to repay their outstanding PEPE loans before the specified deadline. It is crucial for users to take prompt action to avoid any financial losses associated with the liquidation process.
Binance’s announcement emphasizes the importance of repaying PEPE loans promptly. Users should be aware that a 2% liquidation fee may apply in relevant cases.
The repayment must be made in the same cryptocurrency borrowed by the user, as Binance Flexible Loan currently supports repayments exclusively in the borrowed cryptocurrency.