In order to improve the trading experience of contract users, CoinBene will begin to adjust the contract insurance payment mechanism at 16:00 on March 24, 2021 (GMT+8). The following are the adjustment details:
The payout formula is:
Compensation amount=2*70%*MIN{profit and loss of actual liquidation, initial margin*quantity of liquidation/quantity of opening, initial insurance amount*quantity of liquidation/quantity of opening}
Tips:
1. After this upgrade, newly purchased insurance orders will be paid at a 70% ratio; orders to be paid will be paid at the original ratio.
2. Each user can purchase a daily insurance limit of 400 USDT, and each user can purchase a cumulative insurance limit of 5000 USDT, and the limit will not be reset.
3、The contract insurance order will be reviewed within 24 hours after the position is liquidated. After the review is passed, the compensation amount will be issued at 12 o'clock the next day after the liquidation, the distribution will be completed in 20 days. The amount of compensation can be viewed in My Insurance-Completed-Order Details, and the assets to be paid are in the USDT contract account.
4、 Once the violation operation is discovered, the insurance order to be paid will not be approved, and the insurance amount will not be refunded. Violations include, but are not limited to: completing real-name authentication in violation of multiple accounts on the same device, purchasing insurance for multiple accounts on the same device, and establishing AB warehouses.
CoinBene
March 23, 2021