Binance announces $300M payout for October 10 historic crash liquidations

Binance has announced a $300 million compensation plan to assist traders who suffered forced liquidations during the sharp market downturn on October ￰0￱ exchange said the move is part of its broader effort to restore user confidence after what it described as one of the toughest weeks for the cryptocurrency industry in recent ￰1￱ to Binance’s official statement on October 14, the compensation will be distributed through token vouchers under a new relief campaign called the Together ￰2￱ program is designed to support both retail and institutional users impacted by recent volatility, which Binance attributed to ongoing macroeconomic headwinds that have pressured digital asset prices and shaken market ￰3￱ the company stressed that it does not accept liability for trading losses, it reaffirmed its commitment to the long-term stability and recovery of the crypto market.

“Users are always our first ￰4￱ is what makes us who we ￰5￱ our users’ support, there would be no Binance,” the exchange ￰6￱ initiative comes after what Binance described as one of the toughest weeks in recent memory, during which asset prices fell sharply amid a prolonged macroeconomic downturn that eroded user confidence across the ￰7￱ for compensation Under the plan, Binance will distribute $300 million in token vouchers to eligible users who experienced forced liquidation losses in Futures and Margin trading between October 10 and October 11 (UTC). To qualify, users must have incurred a total liquidation loss of at least 50 USDC equivalent, representing 30% or more of their total net assets based on a snapshot taken on October 9 at 23:59 ￰8￱ distribution will begin within 24 hours and conclude within 96 hours, though Binance warned of possible delays due to high processing ￰9￱ exchange also introduced a $100 million Institutional Support Program offering low-interest loans to help ecosystem partners and institutional users recover, restore trading operations, and ease liquidity ￰10￱ can be made through account managers, with Binance promising swift and confidential ￰11￱ image via Shutterstock.