In response to recent market volatility,
$14.13B
is rolling out a substantial $400 million initiative. This program aims to provide support to individuals impacted by the cryptocurrency market downturn observed around October 10th.
The company emphasizes that while it is offering this assistance, it isn’t accepting liability for any financial losses incurred by users. Binance has stated that the primary goal of this program is to bolster confidence and stability within the crypto ecosystem.
A key component of the support package involves the allocation of $300 million in token vouchers to qualifying users. The value of these vouchers will vary, falling within a range of $4 to $6,000.
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To be eligible for a voucher, individuals must have undergone forced liquidation on margin or futures positions between the period of October 10th, 00:00 AM UTC, and October 11th, 11:59 PM UTC.
Furthermore, recipients must have experienced losses totaling at least $50, which must also represent 30% or more of their entire portfolio value, based on a portfolio snapshot from October 9th. The distribution of these vouchers is anticipated to conclude within a four-day timeframe.
In addition to the voucher program,
$14.13B
will also establish a $100 million loan facility. This fund is designed to assist institutional investors and ecosystem participants who are facing liquidity constraints due to the recent market downturn.
These loan offerings will come with favorable interest rates to alleviate financial pressures.
This move follows a prior announcement from BNB