VIP Borrower Program has been launched
On September 7, Binance made an announcement that it would launch the VIP Borrower Program. Margin and Loans users have a chance to attain a higher VIP level or become a Binance VIP.
To be eligible for a higher VIP level, users need to meet the requirements of the daily average BNB holding thresholds and 30-day average net borrowing volume shown on table below. Net borrowing volumes on Margin, Crypto Loans, and OTC Loan will count toward the 30-day average net borrowing volume requirement for the VIP Borrower Program.
>> Related: Guide to sign up for Binance account update 2022
Highlights of the VIP Borrower Program
Users who are eligible will be automatically upgraded to the corresponding higher VIP tier than their current standing. Users don’t need to apply for the program.
Binance will provide eligible users with higher Margin borrowing limits for each upgraded VIP level (up to 18,000,000 BUSD per sub-account).
For qualified users in VIP 6 and above: The Margin borrowing limits of their master accounts will be similar to the Margin borrowing limit of their Margin sub-account. There is a maximum of 10 Margin sub-accounts that each VIP user can have.
For OTC Loan
For OTC Loans, there is no upper borrowing limit, the users are required complies with the necessary risk ratios. All borrowing, however, is contingent on availability.
The users are able to freely trade OTC Loan collateral in the Spot Wallet as long as they follow the relevant Loan-To-Value (LTV) and risk ratios.
- 30-day average net borrowing volume refers to volumes in Margin, Crypto Loans, and OTC Loan (i.e., Average daily net borrowing volume on OTC Loan in the last 30 days + Average daily net borrowing volume on Crypto Loans in the last 30 days + Average daily net borrowing volume on Margin in the last 30 days).
- Net Borrowing Volume = Total Volume Borrowed – Total Volume Repaid.
- The BUSD equivalent of assets borrowed on OTC Loan, Crypto Loans and Margin will be used to calculate the 30-day average net borrowing volume.
- Effective from 2022-09-07 00:00 (UTC), a daily snapshot of users’ daily average BNB holdings and 30-day average net borrowing volume will be taken at 23:59:59 (UTC) using the real-time BUSD exchange rate. Users will be upgraded to a higher VIP level on the next day at 00:00 (UTC), if applicable.
- The BNB balance requirement is unchanged.
- Should your 30-day average net borrowing volume or daily average BNB holding fall below the minimum thresholds of 150,000 BUSD-equivalent and 25 BNB respectively, it may result in the removal of your account from the program.
- If a user qualifies for a higher VIP level under another Binance VIP Program, the highest VIP level will apply.