Recently, Binance announced that they will delist the memecoin PEPE, a cryptocurrency that has become a hot trend recently, from the Flexible Loan program on their platform. . This can be seen as a response measure from Binance in the context of PEPE which is causing attention and controversy in the crypto community.
Currently, users should repay their outstanding PEPE loans by 15:00 on June 21, 2023 to avoid liquidation. If there is liquidation, a liquidation fee of 2% will be applied.
However, Binance still assists users in repaying loans using the same cryptocurrency they borrowed. This shows that even though PEPE has been delisted from the Flexible Lending program, Binance still considers PEPE as a supported asset on its platform.
PEPE is a memecoin inspired by the popular green frog meme on social media. Although initially just a passing joke, PEPE quickly became a phenomenon and rose to become one of the most popular memecoins. It has reached a position in the top 100 cryptocurrencies by market capitalization and has provided great returns for many investors.
However, PEPE has struggled over the past few weeks with a sharp sell-off and accusations of stocking from within the project. This has lost the glory of PEPE as the price of this coin has dropped by 90% from its all-time high.
To restore its position and luster, PEPE can learn from other cryptocurrencies like Shiba Inu (SHIB), Dogecoin (DOGE) and build a new ecosystem with unique services including payment accounting and smart contract development.
Binance, the popular exchange, is facing legal issues. This exchange is being investigated in France for alleged “serious money laundering”. In addition, due to not receiving a virtual asset service provider (VASP) license from the Dutch regulator, Binance has decided to leave the Dutch market. From July 17, 2023, Dutch users can only withdraw funds from the Binance platform and cannot perform other transactions. Earlier, Binance also left the Cyprus market due to regulatory issues.