Binance responds to the CYBER flexible earning redemption limit incident, promising to strengthen risk control measures

2023-09-06 21:50:02

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ChainCatcher news, Binance has issued a statement regarding the recent redemption limit incident for CYBER in the flexible earning program.

Due to consecutive days of market volatility, CYBER has experienced a price difference between futures and spot markets, as well as liquidity issues, leading to a situation where redemptions are temporarily unavailable on the platform. To protect user rights, Binance has implemented withdrawal limits for CYBER.

Binance emphasizes that there has been no use of user funds for trading or investment internally, and ensures that the assets deposited by users are only used for lending to other Binance users. Binance commits to enhancing project evaluation and risk control standards, and for projects with low market circulation, the platform will reassess the maximum lending limit and prioritize meeting the withdrawal needs of users in the flexible earning program.

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