Binance to compensate users after $19 billion market crash
Binance will compensate users after technical failures during the $19 billion market crash — but this does not include unrealized trading profits.
The world’s largest cryptocurrency exchange, Binance, has pledged compensation for users affected by technical issues during a recent historic $19 billion liquidation event that shook global crypto markets.
According to CoinGlass, within 24 hours nearly 1.67 million traders were liquidated, with more than 85% of losses coming from long positions — primarily in Bitcoin (BTC) and Ethereum (ETH). On futures markets, Bitcoin plunged to $102,000 and Ethereum fell below $3,800.
Case-by-case review
In a statement on X (formerly Twitter), Binance co-founder Yi He apologized for the disruptions caused by “significant market volatility” and a surge in user activity that overloaded the exchange’s systems.
“Due to extreme market movements over the past 16 hours and a heavy influx of users, some experienced transaction issues. My deepest apologies. If you suffered losses due to Binance’s fault, please contact our support team to register your case,” Yi He wrote.
She noted that Binance will review each account individually but emphasized that losses resulting from market fluctuations and unrealized gains will not be eligible for compensation.
As we wrote, India targets 400 wealthy investors for hidden Binance transactions
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