Binance has announced the completion of a review regarding the market volatility experienced on October 10. The company confirmed that its systems remained operational during this period and detailed $283 million in user compensation related to depegging and delays. Additionally, Binance addressed anomalies in historical orders and user interface displays.
According to Binance’s support statement, “global macroeconomic events triggered extreme market volatility” between 20:50 and 22:00 UTC on October 10. This led to concentrated sell-offs by both institutional and retail users, creating highly volatile conditions. The statement also said that Binance’s core spot and futures matching engines and API trading “remained operational,” with forced liquidations on the platform representing a relatively small share of total volume. Binance acknowledged brief glitches in some modules after 21:18 UTC and emphasized its commitment to transparency as it reviews the incident.
Binance’s announcement indicated that the exchange completed compensation related to Earn-product depegs within 24 hours after the event. The company specified that market prices bottomed between 21:20–21:21 UTC, while “severe de-pegging occurred after 21:36 UTC,” countering claims that depegs caused the broader sell-off. Compensation was issued in two batches totaling approximately $283 million, with users affected by internal transfer lags and Earn redemption delays also being compensated.
The review further revealed that extreme prints in certain spot pairs were primarily driven by historical limit orders—some dating back to 2019—being filled during one-sided liquidity, which momentarily pushed prices sharply lower. Binance explained a “zero price” display issue for pairs like IOTX/USDT, caused by reduced decimal precision for minimum price movement affecting the UI but not actual trade prices. The company noted its mark-price mechanism discounts abnormal components to prevent unfair liquidations and said that UI display optimizations will be applied without separate announcements.
According to Wikipedia, Binance is a global cryptocurrency exchange founded in 2017 by Changpeng Zhao. It offers various digital-asset services worldwide and consistently ranks among the largest exchanges by trading volume.
