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Binance has revealed its intentions to reimburse certain clients who incurred losses during the widespread market collapse on Friday, October 10. The largest cryptocurrency exchange globally by trading volume recognized an incident of price depeg, which resulted in involuntary liquidations for various traders.
Compensated Users To Get Payouts In 3 Days: Binance
In an October 11 announcement on the X platform, Binance co-founder and chief customer support officer Yi He confirmed that several clients faced complications with their transactions due to considerable market volatility. While expressing apologies to users, the exchange executive urged affected individuals to contact customer support to submit their grievances.
Following Friday’s market turmoil, numerous users took to the X platform to voice their dissatisfaction regarding the forced closure of their trading positions on the Binance platform. Based on the cryptocurrency exchange’s clarification, these complications arose due to a price depeg involving Ethena’s USDe, BNSOL, and WBETH, as the market wavered and users overwhelmed the trading platform.
He pointed out that the account activities of each user will be assessed individually prior to the compensation being disbursed correspondingly. Nonetheless, it was also indicated that losses stemming from market volatility and unrealized profits do not qualify for reimbursement.
He stated on X:
The reason Binance stands out is that we never avoid challenges. When we fall short, we accept accountability—there are no excuses or rationalizations. We are dedicated to serving every user to the best of our capability, and we will handle our responsibilities.
Binance declared on its website that affected users will obtain their compensation within 72 hours. This reimbursement will reportedly address the disparity between the liquidation price and the market price at midnight on October 11.
Trump Imposes 100% Tariff on China, Crypto Market Declines
As previously stated, the Binance situation arose because of severe fluctuations in the cryptocurrency market. This heightened volatility ensued after President of the United States, Donald Trump, announced plans to implement 100% tariffs on all goods from China by November 1.
Source: @realDonaldTrump on Truth Social
Consequently, Bitcoin, the leading cryptocurrency by market capitalization, experienced a rapid plunge to approximately $101,500. At the same time, the crypto market faced nearly $20 billion in long liquidations—the largest single-day liquidation event ever—post-declaration.
As of this writing, Bitcoin’s price hovers around the $111,000 level, reflecting an almost 10% drop over the past week.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from Unsplash, chart sourced from TradingView
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