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Notification to the CEX.IO Loan customers
Notification to the CEX.IO Loan customers
Rick Alexsson avatar
Written by Rick Alexsson
Updated over a week ago

Due to a refocus in our business, we have decided to suspend the CEX.IO Loan service (the “Loan service”). Existing Loan customers are asked to repay their loans in full by December 31, 2023. You can find more details in the FAQ below.

Why is the CEX.IO Loan service being suspended?

We regularly evaluate our products to ensure we’re prioritizing the offerings our customers care about most. With this consideration, we’ve made the decision to suspend the Loan service.

How does this impact me?

Customers who have a line of credit or loan must return the credited amount by December 31, 2023. After this date, we will close all remaining active loans by selling enough provided crypto collateral to pay off the unpaid balance, in accordance with the Loan agreement. In addition, we will stop automated extensions of Loan agreements starting December 1, 2023.

We apologize for any inconvenience caused by this change, which is why we're taking extra measures to ensure a smooth transition. We’re providing customers with a two-month repayment period, along with access to prioritized customer service.

What happens if I don’t return my loan by December 31?

If you do not return your loan by the due date, CEX.IO will sell your crypto collateral to reclaim the outstanding amount. In this case, we will waive the 5% liquidation fee calculated from the loan amount. The liquidation will take place over five (5) days, by gradually decreasing the LTV ratio at which we will liquidate. This will enable us to minimize slippage of any crypto sell orders by spreading them out over time. You will receive an email notifying you of all liquidations. Once your loan account is closed, you will receive a confirmation email.

Will my interest rate be impacted by this news?

No, your rate will remain the same.

Can I pay off my loan early without any penalties?

Yes. There will be no penalties for paying off your loan early.

Will there be any additional fees or charges associated with this change?

No. There will not be any additional fees.

Are there any special offers or incentives available to customers affected by the close of the Loan program?

In order to ensure a smooth transition, we’re offering all impacted customers prioritized customer support.

The web content provided by CEX.IO is for educational purposes only. The information and tools provided neither are, nor should be construed as, an offer, or a solicitation of an offer, or a recommendation, to buy, sell or hold any digital asset or to open a particular account or engage in any specific investment strategy. Digital asset markets are highly volatile and can lead to loss of funds.

The availability of the products, features, and services on the CEX.IO platform is subject to jurisdictional limitations. To understand what products and services are available in your region, please see our list of supported countries and territories. This page includes additional links to information about individual products, and their accessibility.

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