Richard Teng, the Binance chief executive officer, has spread the word about Binance rolling out a new offering to the platform’s institutional clients.
The new product is called Binance Institutional Loans and, according to Teng’s tweet, it is not just an average credit line but “it reimagines how institutions access liquidity across their entire portfolio.”
Binance to support institutions with loans
To his X post Teng added a link to an article which explains in detail what the new Binance offer to institutions is about. The title claims that they are up to 4x leverage and “zero interest potential.”
The new offering allows institutions to borrow crypto against multiple accounts, making it a cross-collateralized loan. Interest rates can be as low as zero if the borrower meets specific performance criteria to maximize their capital efficiency.
These loans are “available to volume VIP 5+ corporate users (KYB), or upon the request of companies seeking capital assistance to rapidly scale their volumes (to be assessed by Binance on a case-by-case request basis),” the article says. Depending on the type of collateral left with Binance, institutional clients can borrow from one to ten million USDC or USDT stablecoins. These funds can be used for trading on Binance’s margin and futures markets with leverage going up to 4x.
Among coins that are accepted as collateral are BTC, ETH, USDT, USDC, SOL, and BNB.
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Binance hires former Central Bank of Ireland top executive
Binance has also announced that they have put a new top executive on their payroll – Gillian Lynch, who earlier had executive positions at the crypto exchange Gemini and also the Central Bank of Ireland, has been appointed to be the Head of Europe and the UK.
This appointment comes as Binance increases its long-term focus on regulation, protection of users, and sustainable expansion in Europe and the UK.
According to the Binance’s article, Lynch will supervise Binance’s strategy, daily operations, and regulatory engagement in the aforementioned regions. She will be responsible for regional growth and improving collaboration with local regulators and policymakers to allow Binance further operate in these areas “with the highest standards of compliance, transparency, and user protection.”
Richard Teng believes that Lynch will make a perfect choice for this position considering her stellar track record in fintech and banking leadership.
