Binance and BNB Chain have pledged a total of $728 million in support for traders following the sell-off, but the exchange maintains it is not responsible for users’ losses.
Binance is launching a $400 million relief program for traders hurt by losses across its ecosystem during Friday’s crypto sell-off, despite saying it does not accept liability for user losses.
According to a Tuesday post by the exchange, the initiative will distribute $300 million worth of token vouchers, ranging in value from $4 to $6,000, to eligible users.
To qualify, traders must have incurred forced liquidations on futures or margin positions between Friday 00:00 UTC and Saturday 23:59 UTC. Users must have lost at least $50 in crypto, and those losses must account for at least 30% of their total net assets, based on a snapshot taken on Thursday at 23:59 UTC. The distribution is expected to be completed within 96 hours.
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