It has come to our attention that a very small number of individuals are discussing on social channels ways to create distrust and demand settlement offers from Binance. These include spreading fake news, scam messages and even potentially fraudulent and defamatory materials. So, we like to remind the community to stay alert and exercise care. Where required, we will take appropriate actions to protect our interests and reputation.
While we do not publicly discuss individual case specifics, we remain happy to speak to any user with concerns, and users can always approach our customer support team for assistance.
We firmly stress that our policy is fair in that we compensate users who experienced actual trading losses due to our system’s issues. We do not cover hypothetical ‘what could have been’ situations, such as unrealized profits.
Binance serves to match traders between users and is not a counterparty to the trades.
Despite this, we maintain one of the most robust ‘insurance funds’ as an added measure to protect our users. During volatile conditions, extreme market movements can seriously impact open positions instantaneously. Our insurance fund covers bankrupted positions to absorb their negative balances. This mechanism helps prevent counterparty liquidation and does not exist in traditional exchanges.
As a market leader, we understand that we attract all sorts of publicity, and it is our principle that we do not yield to unreasonable demands
exactly because we take our leadership role seriously.Ceding to extortive demands will enable widespread abuse against all exchanges and harm the foundation for our ecosystem’s sustainability.
The ongoing development of our industry’s regulatory framework presents an opportunity for greater collaboration between all participants and will bring about more market standards that discourage bad actors.
Binance as a major exchange enjoys the trust of the community, which means we also must lead the market in user protection and best practices. Binance is the first and so far only crypto exchange to have introduced a ‘responsible trading program.’
We take customer feedback and regulatory requirements seriously, and we constantly improve our platform technology and product offerings to provide the best user experience. In the last 30 days, we have delivered on the following.
We hope that by sharing our learnings and the proactive measures we take, we can help steer our young industry forward and for the long term.
Warning
scammers impersonate Binance staff in many ways, including sending out emails pretending to communicate on compensation cases.Always remain cautious. If you receive communication from someone you believe to be a scammer, please message Binance customer support.
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