Binance has pledged to compensate merchants affected by system failures throughout Friday’s market crash that erased greater than $19 billion in leveraged positions, marking one of many largest liquidation occasions in crypto historical past.
Key Takeaways:
- Binance will compensate verified consumer losses attributable to technical failures throughout the $19B market liquidation occasion.
- The trade confronted transaction delays amid document buying and selling volumes after Trump’s tariff threats triggered panic promoting.
- DeFi platforms like Uniswap and Aave dealt with document exercise with out disruptions, highlighting their resilience in comparison with centralized exchanges.
The trade acknowledged that surging buying and selling volumes throughout the selloff brought about transaction errors and order delays, leaving some customers unable to exit positions earlier than being liquidated.
“Resulting from important market fluctuations and a considerable inflow of customers, some encountered points with their transactions,” Yi He, Binance’s co-founder and chief customer support officer, mentioned in a Saturday assertion.
Binance to Compensate Customers for System Errors
She urged affected customers to contact buyer assist to file claims, including that Binance would compensate verified losses attributable to technical failures.
Nevertheless, Yi He clarified that losses stemming from market volatility or unrealized earnings won’t be lined. The trade mentioned it’s strengthening its inner methods to deal with excessive buying and selling situations and forestall comparable breakdowns sooner or later.
The turmoil adopted US President Donald Trump’s menace to impose 100% tariffs on Chinese language imports and new export restrictions on software program, triggering panic throughout monetary markets.
In keeping with CoinGlass, greater than 1.6 million merchants had been liquidated in 24 hours, with $7 billion worn out in a single hour.
Bitcoin, which earlier within the week hit a document $125,000, plunged 16% to briefly dip under $105,000 earlier than rebounding to round $112,000 on Saturday.
Resulting from important market fluctuations over the previous 16 hours and a considerable inflow of customers, some customers have encountered points with their transactions. I deeply apologize for this. In case you have incurred losses attributable to Binance, please contact our customer support to… https://t.co/9Q7GZuFY5H
— Yi He (@heyibinance) October 11, 2025
Whereas centralized exchanges like Binance and OKX struggled underneath strain, DeFi protocols held agency. Uniswap, the main decentralized trade, noticed a document $10 billion in each day quantity, whereas lending protocol Aave processed $180 million in collateral liquidations in underneath an hour with out incident.
“DeFi labored flawlessly,” mentioned Euler co-founder Michael Bentley. “No circuit breakers. No intervention. Simply free markets and code.”
Trump’s Approval Hits New Lows amid Authorities Shutdown
US President Donald Trump’s approval score has fallen sharply, with simply 40% of Individuals approving and 58% disapproving, in keeping with a brand new Reuters/Ipsos ballot.
The drop follows rising criticism of his choice to militarize regulation enforcement. A separate HarrisX survey confirmed a barely increased 46% approval, underscoring the deep partisan divide throughout the nation.
The decline comes amid an ongoing authorities shutdown triggered by Congress’s failure to cross spending payments by the October 1 deadline.
Trump blamed Democrats, saying he would goal their packages in future finances cuts. In the meantime, on the Polymarket prediction platform, 86% of merchants count on the shutdown to proceed previous October 15, reflecting waning confidence in Washington’s capability to compromise.
Trump’s pro-crypto stance, a central theme of his 2024 marketing campaign, can be drawing scrutiny.
Senator Elizabeth Warren has warned that Trump’s crypto involvement might pose moral dangers if he earnings from associated ventures whereas in workplace.
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