What is known about stopping the program
The platform reported that retail users with loans need to close them by November 20. Otherwise, the crypto exchange will sell collateral in bitcoins. However, this decision does not apply to institutional clients.
The Borrow loan program made it possible to apply for a loan in fiat in the amount of up to 40% of the value of the collateral bitcoin. The maximum amount was less than $1 million. At the same time, the annual percentage reached about 8%.
The company said they have sent notifications to the owners of the affected loans. At the same time, the team takes additional measures to ensure a planned transition. This includes a 4-month repayment period of borrowed funds. Access to priority user support is also provided.
Representatives of the crypto exchange said that the project had to be closed, as it was necessary to focus on products that are more interesting to customers.
Note that in May, the exchange stopped providing loans for bitcoins, as it was revaluing its products.