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Binance Launches $400 Million Support Plan After Crypto Market Slump

Key Takeaways

  • ​Binance is offering $300 million in token vouchers to users who faced forced liquidations during the October 10 crypto market drop;
  • Eligible users must have lost at least $50, which totals 30% or more of their assets, based on a snapshot taken on October 9;
  • An additional $100 million loan fund will support institutions with liquidity issues, though Binance denies liability for user losses.

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Binance Launches $400 Million Support Plan After Crypto Market Slump

Binance $14.49B has introduced a $400 million program to support users who were affected by cryptocurrency market crash on October 10.

The company has stated that while it is offering this aid, it does not take responsibility for users’ losses. According to Binance, the goal of the plan is to help restore trust in the market.

A large part of the program involves distributing $300 million in token vouchers to eligible users. These vouchers will vary in value, which range from $4 to $6,000.

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To receive one, a user must have experienced forced liquidations in margin or futures trades between October 10, 12:00 AM UTC and October 11, 11:59 PM UTC.

Additionally, users must have lost at least $50, and that amount must represent 30% or more of their total assets, based on a snapshot taken on October 9. The distribution of these vouchers is expected to be completed within four days.

In addition to the vouchers, Binance will offer a $100 million loan fund. This is intended for institutional and ecosystem participants who are facing liquidity issues following the recent price drops.

These loans will be available at low interest rates to help ease the financial pressure.

This response follows a recent initiative from BNB BNB $1,169.80 Chain. The blockchain ecosystem introduced a $45 million airdrop aimed at users who lost funds trading memecoins during the same downturn. What did Changpeng Zhao say? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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