Binance Refunds Users $1m Worth of Tether After Liquidity Crunch in Korea!

The post Binance Refunds Users $1m Worth of Tether After Liquidity Crunch in Korea! appeared first on Coinpedia Fintech News

Binance, the cryptocurrency exchange, is refunding users $1 million worth of Tether after it prevented them from redeeming their stakes in the CyberConnect (CYBER) token earlier this month. The problem arose when a liquidity crunch in Korea started affecting the token, prompting arbitrageurs to borrow from Binance and preventing users from redeeming their stakes, which had been borrowed up to the loan limit. Moving forward, Binance will apply higher interest rates to deter lending during periods of high token volatility.