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News

Binance’s Proactive Response to CYBER Coin Crisis Ensures User Funds Remain Secure

September 6, 2023 - Around 2 mins mins to read

Key Points:

  • Binance responds to CYBER disruptions caused by unstable market conditions and increased demand among lending customers, leading to withdrawal limits and low market liquidity.
  • Users can rest assured that Binance will not use their funds for profit and there is no malicious lending behavior to market makers or project parties.
Binance has responded to recent reports of disruptions in CYBER’s earning and exchanging events with an “Explanation of CYBER’s Current Earning Event”.
Binance Proactive Response to CYBER Coin Crisis Ensures User Funds Remain Secure

According to Binance, unstable market conditions have caused the current price difference of CYBER, leading to an increase in future funding rates and a sharp rise in demand for CYB among lending customers. As a large number of users want to withdraw and sell CYB, market liquidity is at a low level, making it difficult for people and lenders to redeem CYBER in a short time. As a result, Binance has implemented withdrawal limits for CYB to protect the withdrawal rights of the vast majority of users.

Binance has made it clear that it will not use user funds to make any transactions or investments for profit. The lending behavior by users is pure lending behavior, and Binance’s internal business departments do not engage in “mutual lending” behavior or malicious lending behavior to market makers or project parties. Currently, there is no project party borrowing CYBER from Binance.

To encourage borrowers to repay loans as soon as possible, the system automatically increases the loan interest rate. The system also automatically increases the annual interest rate (APR) of the current currency obtained based on market liquidity to attract savings deposits. Binance has also adjusted the personal withdrawal limit of CYBER’s current earnings to largely guarantee customers’ withdrawal rights in a timely manner.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Binance

BNB

Cyber

CYBER Coin

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Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

Binance’s Proactive Response to CYBER Coin Crisis Ensures User Funds Remain Secure

Key Points:

  • Binance responds to CYBER disruptions caused by unstable market conditions and increased demand among lending customers, leading to withdrawal limits and low market liquidity.
  • Users can rest assured that Binance will not use their funds for profit and there is no malicious lending behavior to market makers or project parties.
Binance has responded to recent reports of disruptions in CYBER’s earning and exchanging events with an “Explanation of CYBER’s Current Earning Event”.
Binance Proactive Response to CYBER Coin Crisis Ensures User Funds Remain Secure

According to Binance, unstable market conditions have caused the current price difference of CYBER, leading to an increase in future funding rates and a sharp rise in demand for CYB among lending customers. As a large number of users want to withdraw and sell CYB, market liquidity is at a low level, making it difficult for people and lenders to redeem CYBER in a short time. As a result, Binance has implemented withdrawal limits for CYB to protect the withdrawal rights of the vast majority of users.

Binance has made it clear that it will not use user funds to make any transactions or investments for profit. The lending behavior by users is pure lending behavior, and Binance’s internal business departments do not engage in “mutual lending” behavior or malicious lending behavior to market makers or project parties. Currently, there is no project party borrowing CYBER from Binance.

To encourage borrowers to repay loans as soon as possible, the system automatically increases the loan interest rate. The system also automatically increases the annual interest rate (APR) of the current currency obtained based on market liquidity to attract savings deposits. Binance has also adjusted the personal withdrawal limit of CYBER’s current earnings to largely guarantee customers’ withdrawal rights in a timely manner.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.