$13.92B
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
