Senior leaders at Binance announced on Saturday that the company will pay some users who lost money during the volatile night of Friday, w...
Senior leaders at Binance announced on Saturday that the company will pay some users who lost money during the volatile night of Friday, which caused the world's largest cryptocurrency exchange to run less smoothly.
Yi He, co-founder of Binance and chief customer support officer, wrote on X on Saturday morning to apologise to Binance users. He said that problems happened because of the recent price changes in the crypto market and a "substantial influx of users" to the platform.
"If you have incurred losses attributable to Binance, please contact our customer service to register your case," he said. "We will look at each of your account activities separately, figure out what happened, and give you compensation based on what we find." But losses caused by changes in the market and unrealised profits are not qualified for compensation... "When we fail, we own up to it; there are no justifications or excuses."
Based on a statement, Binance seems to be focussing on problems in the markets for three tokens: USDe, Ethena's stablecoin; BNSOL, Binance's Solana liquid staking token; and WBETH, Wrapped Beacon liquid staking token. On Friday night, all three tokens dropped sharply in value. USDe, which was supposed to stay pegged to $1, fell below $0.66.
In a post on X, Binance CEO Richard Teng, who took over from co-founder Changpeng "CZ" Zhao in 2023, also said sorry to Binance users. "I’m truly sorry to everyone who was impacted," Teng said. "We don’t make excuses — we listen closely, learn from what happened, and are committed to doing better."
In a later announcement, Binance went into more depth about the compensation plan.
"All Futures, Margin, and Loan users who held USDE, BNSOL, and WBETH as collateral and were impacted by the depeg between 2025-10-10 21:36 and 22:16 (UTC) will be compensated," Binance's statement says. "The compensation amount will be the difference between the market price at 2025-10-11 00:00 (UTC) and their respective liquidation price." "Those who bought depegged assets yesterday at low prices did so by staying up late, and we will not take those back." The process is being done slowly for wealth management users who work with the three depegged packed assets. "We will look into each case individually for trading users who lost money or had to close their accounts because of platform latency issues," He wrote in a follow-up post.
The Block's BNB Price page shows that the price of BNB +10.69%, the native token of the Binance-linked BNB Chain, has gone down by 9.6% in the last 24 hours. BNB recently bought XRP, making it the third-largest non-stable coin by market value. The Block couldn't get in touch with Binance right away to get a response.