After Friday’s market bloodbath, some users took to the X platform to complain about the forced closure of their trade positions on the Binance exchange. According to the cryptocurrency exchange’s explanation, these issues were caused by a price depeg involving Ethena’s USDe, BNSOL, and WBETH, as the market fluctuated and users flooded the trading platform.
Binance’s He noted that account activity of each user will be reviewed individually before the compensation will be released accordingly. However, it was also stated that losses due to market fluctuations and unrealized profits are not eligible for compensation.
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.
As already mentioned, the Binance issue came up due to severe fluctuations in the cryptocurrency market. This increased volatility came after United States President Donald Trump declared plans to impose 100% tariffs on all Chinese goods by November 1.
As of this writing, the price of Bitcoin is hovering around the $111,000 mark, reflecting an almost 10% decline in the past seven days.
Featured image from Unsplash, chart from TradingView
