Binance, the world’s largest cryptocurrency exchange, has confirmed plans to compensate users who experienced technical issues during the unprecedented $19 billion liquidation event on October 10. The massive sell-off came shortly after former U.S. President Donald Trump announced 100% tariffs on China, sparking one of the largest market crashes in crypto history and triggering widespread liquidations across major digital assets.

In a statement shared on X (formerly Twitter), Binance co-founder Yi apologised to users affected by the outage and acknowledged that the exchange’s systems were strained by “significant market fluctuations” and a surge in user activity. Yi urged users who suffered platform-related losses to contact Binance customer support, emphasising that only losses linked to system disruptions, not general market volatility, would qualify for compensation. “When we fall short, we take responsibility. There are no excuses,” she wrote.

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Data from CoinGlass revealed that over $19.3 billion in leveraged crypto positions were wiped out within 24 hours, marking one of the largest single-day liquidations since the 2020 COVID-era crash. Approximately 1.67 million traders were affected, with more than 85% of the losses coming from long positions in major cryptocurrencies. Bitcoin (BTC) briefly plunged to $102,000 on futures markets, while Ethereum (ETH) dropped below $3,800, underscoring the extreme volatility that shook the global crypto landscape.

Binance’s response aims to restore confidence among traders as the industry grapples with renewed uncertainty and heightened sensitivity to macroeconomic shocks.