{"content":"Binance Moves Fast ⚡ – Compensation Plan Announced for Depeg Incident Binance will refund certain consumers who lost assets in the market meltdown on Friday, October 10. The world's biggest cryptocurrency exchange by trading volume admitted a price depeg event that drove some traders to liquidate. Users Will Get Compensation in 3 Days: Binance Binance co-founder and chief customer service officer Yi He revealed on October 11 on X that market swings caused certain customers to have transaction troubles. While apologizing, the exchange CEO advised impacted consumers to file complaints with customer care. He wrote on X: The reason Binance is Binance is that we never shy away from problems. When we fall short, we take responsibility—there are no excuses or justifications. We are committed to serving every user to the best of our ability, and we will manage what we are responsible for. Some users complained on X about Binance forcing them to close their trading positions after Friday's market disaster. As the market fluctuated and people swarmed the trading site, Ethena's USDe, BNSOL, and WBETH price depegged, causing these troubles, according to the cryptocurrency exchange. Binance’s He said account behavior would be scrutinized for each user before compensation is issued. Losses from market movements and unrealized gains are not compensable. Binance confirmed on its website that impacted individuals would get compensation within 72 hours. This compensation will cover the liquidation price less the market price at midnight on October 11. Crypto Market Crashes After Trump's 100% Tariff on China The Binance problem arose from extreme cryptocurrency market volatility. This volatility followed President Donald Trump's announcement to put 100% tariffs on all Chinese exports by November 1. Bitcoin, the biggest cryptocurrency by market size, plummeted to $101,500 after this ruling. After the proclamation, the crypto market saw roughly $20 billion in long liquidations—the greatest single-day liquidation event ever. #Binance #MarketRouteToRecovery $BTC ","images":["https://d35imkjvkj28kt.cloudfront.net/uploadfile/article/blog/2025102025/10/13/3ecd381a11d74e2aa9024d788b898ab2.png"],"tags":[],"tradingPairs":["WBETH/USDT"],"quotearticleid":0}