Binance Launches FDUSD Lock Product with 15.9% Fixed APR

Binance has announced a promotion for its FDUSD Lock product. According to Binance, users can get a fixed annual percentage rate (APR) of 15.9% on their deposits during the promotion period.

Promotion Details

The promotion period is from 07:00 UTC on August 30, 2024 to 06:59 UTC on September 9, 2024. During this period, eligible users who subscribe to FDUSD Lock product can enjoy 15.9% APR. The subscription form operates on a first-come, first-served basis and the lock-in period is 10 days.

Mechanism of FDUSD Lock Product

• Subscription Format: This is a limited subscription on a first-come, first-served basis for a fixed period of 10 days.
• april: The fixed rate remains constant throughout the Locked Simple Earn Term. Any changes to the APR will only apply to new subscriptions, not existing subscriptions.
• Key Protections: Users will receive their principal back upon redemption or at the end of the lock-in period.
• Compensation calculation period: It starts at 00:00 UTC on the day after you subscribe and continues until your subscription period ends.
• Reward Distribution: Distributed daily to users’ Spot wallets.
• Early repayment: Users can redeem their locked assets early, but all rewards received will be forfeited. The entire balance minus the distributed rewards will be returned to the user’s Spot Wallet within 72 hours, but in exceptional circumstances, delays may occur.

How to get started

1. Buy FDUSD on the Buy Crypto page, which supports a variety of payment methods including spot market, Visa, Mastercard, Apple Pay, Google Pay, and wallet balance. Users can also deposit FDUSD to their Binance account.
2. Go to (Simple Earn) and search for FDUSD.
3. Select the 10-day option and subscribe to the FDUSD Lock product to earn 15.9% APY.

About Binance Simple Earn

Binance Simple Earn allows users to deposit digital assets for flexible or locked periods to earn daily rewards. Users can subscribe or redeem assets at almost any time, maintaining flexibility and liquidity while earning daily rewards.

Please note

• This promotion is only available to users who have access to Binance Simple Earn products and may be restricted in certain jurisdictions.
• Binance reserves the right to adjust the APR at any time without prior notice. Users should refer to the Binance Simple Terms of Use and Risk Warning before using products on the platform.
• At the end of the subscription period, Binance Simple Earn will redeem the digital assets locked in the Simple Earn Lock product for a Simple Earn Flexible product.
• Users can view locked product subscriptions by going to Wallet > Earn > Easy Earn > Lock.
• The unlock period for locked products is 1 day. APR rewards are distributed from Binance’s own funds and are determined based on market conditions.
• This promotion is not affiliated with the FDUSD issuer.
• Assets deposited in SimpleOn can be lent to other Binance users.
• A large number of redemption requests may temporarily delay the process. Redemptions may resume when liquidity returns. Delays may occur due to a variety of factors, including market volatility and network delays.

For more information, users can check the Locked Products FAQ.

Image source: Shutterstock