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Teaser Rates Come to Crypto as Binance Starts Lending Business

  • Exchange guarantees returns as high as 15% for limited period
  • Offer is for 14-day period on BNB, Tether and Ethereum Classic
Zhao Changpeng, chief executive officer and founder of Binance, during a Bloomberg Television interview in Tokyo.

Zhao Changpeng, chief executive officer and founder of Binance, during a Bloomberg Television interview in Tokyo.

Photographer: Akio Kon/Bloomberg
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Binance is guaranteeing returns as high as 15% to customers who lend their cryptocurrencies, the latest move by the largest digital exchange to cement its dominant market position.

Going live on Aug. 28, Binance Lending will let the exchange’s users earn that much in annual interest for lending out their BNBs -- the exchange’s own coin -- while earning 10% for Tethers and 7% for Ethereum Classics over 14 days. A limited number of coins per user will be accepted, and a total of only 10 million Tethers, 20,000 Ethereum Classics and 200,000 BNBs will be eligible, according to Malta-based Binance’s site.