Binance, the largest cryptocurrency exchange, announced a $400 million “Together Initiative” to support users affected by a significant market crash last Friday, known as “Black Friday,” which resulted in nearly $20 billion in losses for 1.7 million traders.
The crash was said to be triggered by President Trump’s announcement of 100% tariffs on Chinese imports.
The initiative allocates $300 million to compensate retail traders who faced forced liquidations from October 11 to 13, with eligible users receiving USDC token vouchers based on their losses. Distribution of vouchers starts on October 15.
An additional $100 million will fund low-interest loans for institutions to help alleviate liquidity pressures.
Binance co-founder Yi He apologized for platform disruptions caused by increased user traffic during the crash, which led to $19-20 billion in liquidations and significant strain on the platform.
Analysts attribute the crash primarily to broader market panic.
Binance’s commitment aims to stabilize the ecosystem amid ongoing volatility.
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