Bitcoin Forum

Binance has just opened it's lending platform, currently only for BNB, ETH and USDT.

https://www.binance.com/en/lending

I wonder when they will add BTC to their offerings.  Somehow Binance seems safer than Poloniex to lend on even though I wouldn't trust CZ with my scooter. Am I delusional?

Use Bitfinex to lend your coins they have proven their worth. Here it's very strange because the result is known in advance, like receive 15% per year or even 10% for tether...

Bitfinex forced a 36% haircut on their users, even if they got a little token as compensation. And let's not forget their happiness to hand over hundreds of millions of dollars to con artists. I wouldn't trust them any further than I could defecate them.

I don't trust Binance either. I presume they are more competent than Poloniex but no one knows what goes on behind the scenes of these joints and lending is an area where they all seem happy to rape their customers.

Great addition for the exchange, it seems like they are really focus in improving their exchange that they want to offer everything that are available in different exchanges. This is quite new to me, though I know about lending in Poloniex before but I haven't use their platform and now that Binance is has already lending, I'm very interested now because they are a big exchange with good number of traders and they are one of the exchanges I trust.

I'm currently reviewing the rules now under FAQ section, hopefully I'll be able to comprehend it easily.

 

Is it taking place in lieu of margin trading that they are offering? What percentages are they going to give while lending and how much time will they provide to get the amount balanced off?

What do you mean?

If you're going to choose to put money in an exchange it pays to be aware of what they're willing to do with that money. Bitfinex gave $850 million to a piece of shit shadow bank and when they asked nicely for it back there wasn't much response.

https://bitcoinmagazine.com/articles/shadow-banking-explained-how-crypto-companies-play-with-money-in-the-dark

The money has been seized for investigation but I'm sure they will get it back.

After the hack they need to come up with something and lending is a venture that they started to protect their BNB coin to have some stability in their price while they might be recovering their losses if there is a huge amount of money being used by the users for lending purpose, on the outside it is a great move but i am skeptical on how they can guarantee 15% returns if they cannot have any guarantee that it wont be hacked again  :D. I will never trust an exchange to hold my funds when i am not trading as we have N number of reference in a very short period of time and i am not willing to take any risk.


I am sure how you are evaluating trust here with the signature of livecoin you are wearing  :P. Big always does not mean they can be trusted, Mt. Gox is a prime example if you want reference.

It's really great to have another platform offering lending to the traders. They don't want to lose their users for any other services and wants to offer a all in one solutions.
I'm quite sure they'll be better than bitfinex and with the recent issues with polenix, there's a large void to be filled. Binance would surely increase their liquidity with this move but they need to make sure about their safety to the depositors.

Interesting.  Anyway, I don't even have access to Binance anymore so I can't check out the lending thing--not that I'd be interested in it myself, but I'd like to see how they're doing it.  I don't suspect they'll pull anything shady, since they're doing their best to be a legitimate exchange (as far as I know) in line with various regulators, like the US.  But who knows.  We've all been surprised by what crypto exchanges have done in the past, and anything is possible.

Words of wisdom, Lloyd.  Words. Of. Wisdom.  Now pour me a drink.

Investigation that will expose the scummy business that's going on inside Bitfinex and Tether. I rather consider that money to be lost and be surprised one day when it returns when investigation doesn't expose Bitfinex.

Bitfinex has been a shady business for years now, well before Tether was a thing with its wild printing of unbacked tokens. They admitted to have bought Bitcoin and not have the 100% backing they promised you to have.

Don't get me wrong, I hope people will get their money back and that they withdraw every single penny to never use that exchange again, but I don't consider that a likely outcome.

Nobody in BFX lost anything. They did another blag with a token thing. Still, it's a timely reminder of how slapdash they can be and everyone should plan accordingly.

It may end up that everyone with some Tether carries the can if it goes pop which would suck rather harder. However I think there's enough will to keep it alive no matter what.

Don't lend what you can't afford to lose. People often don't understand that P2P margin lending carries significant default risk. The recent 1,800 BTC loss incurred at Poloniex (https://bitcointalk.org/index.php?topic=5151636.0) illustrates this well.

Do the interest rates justify the risk?


I doubt it. Their banking partners were apparently commingling funds with drug cartels (https://cointelegraph.com/news/unconfirmed-polish-prosecutors-seize-400-mln-amid-allegations-bitfinex-is-implicated-in-fraud) and more recently were charged with bank fraud (https://www.coindesk.com/two-charged-with-running-shadow-banking-service-for-crypto-exchanges) and unlicensed money transmission. That money is long gone.

They ask lvl2 verification which is a deal breaker for me.

I am not giving my passport scan to some random Chinese. Especially right after hearing the news about that hacked KYC scans. No no.

Tried to verify myself with my driver's licence back in the day but they didn't like my photo there. Their loss.

Weren't you the one that was extorting and doxing legendster and berating about how his posts were useless.
Way to go buddy! You have made such a nice post yourself :o :o


My binance account was unverified and when I verified, it was up to a level 1 I think. Just my id card and a simple face pic that they took from the mobile app.
Not sure why you faced the issues. But I do not think losing a customer like me and you would matter much to Binance.

Have any of you tried deleting your Binance account? I am considering deleting mine, not sure if that is possible and if they would delete my KYC information as well.

The information they have from me right now is useless to anybody. I don't care about it. I use binance from time to time buy/trade several shitcoins and I find them useful for that. So, no I think I'll keep using them. 2btc withdraw limit is OK too.

What made you verify yourself at Binance? It's not that the 2BTC daily withdrawal limit is a deal breaker for most people, unless you're a highroller and need to withdraw dozens of Bitcoin on a daily basis, which I'm doubtful of with how you refer to yourself as a customer that isn't going to matter much if they lose you.

I don't think that they are legally allowed to delete your information in the first few years. But even if they were, nothing prevents them from pleasing you by saying 'we deleted your information' while in reality they didn't do it. If you also take into consideration that they use a third party KYC desk, Binance itself isn't even in control of people's KYC information. :-\

There is not much information about it. What or who are the funds for?


So they pay everything back (principal + interest rate) only at the end? Not interesting if the redemption date is 1 year later for exemple


 

It may be different since GDPR. The person has the right to obtain from the service to erase any personal data related to him/her and the company has the obligation to erase anything as soon as possible. Especially since Binance was hacked at least once, it may be considered as a legal reason to ask to Binance to delete data. (no matter if it was handled by a 3rd party, it will have too to remove everything asked)

The thing, it forces the company to remove anything about you only from its servers but not from their archives. Because as any company, it keeps archives for different reasons (accounting, etc) and no choice to keep it otherwise the company is breaking a law.

the person takes 1 BTC, lends and expects that after 1 year it will make 15% profit (sounds very tempting). But I believe this person will not be able to sleep well knowing that their bitcoin is not safe because it is in an exchange. Will be 1 year without sleep well. I wonder if it's really just worth this Lending


 ;D

This is the only function of most shitcoin: buy low and sell high.

And that 1 BTC he deposited will stay locked in the exchange for 1 year If I am not wrong. (turns out I was wrong) It is not a good deal. If I got that right they are locked for 15 days, and the rate is %15 annually, which is pretty good, I'd still avoid because of the KYC though)

I'd rather deposit at freebitco.in and collect daily interest (%4.08/year, compounding daily) since I can withdraw my coins any time and that website has a longer history than binance.

I emptied my stablecoins on NEXO and cryptos in my Celsius account to lend it as BNB to binance. I was already a verified member and really was tempted with the rate of 15% per year. On comparison, NEXO provides a 8% daily compounded while Celsius provides a 8.1% never compounded.
I was just clicking at the exact time but it was funded before my click. Surprised, I checked if I did anything wrong. But

does anyone have experience in lending ETC on Binance?
I saw that the new lending period is starting soon, 2019-09-26 02:00:00 if I understand it correctly

https://www.binance.com/en/lending/products

What do I have to do to enter in the earning pool?