# Binance’s $300M Payout Announcement for Historic Crash Liquidations
## Introduction
Binance recently revealed its plan to provide a $300 million compensation package to support traders who faced forced liquidations during the significant market downturn on October 10. This initiative aims to rebuild user trust following what the exchange described as a challenging period for the cryptocurrency industry.
## Binance’s Relief Effort: The Together Initiative
Binance’s official statement on October 14 outlined the distribution of compensation through token vouchers as part of the new relief campaign named the Together Initiative. The compensation strategy targets individuals from both retail and institutional backgrounds who were adversely affected by recent market volatility.
## Restoring Confidence Amid Market Turbulence
Binance attributed the market instability to persistent macroeconomic challenges impacting digital asset valuations and investor sentiment. While Binance clarified that it assumes no responsibility for trading losses, the exchange emphasized its unwavering dedication to fostering the long-term stability and recovery of the cryptocurrency market.
## Eligibility Criteria for Compensation
To qualify for the compensation program, users must have experienced forced liquidation losses in Futures and Margin trading between October 10 and October 11 (UTC). Users are required to have incurred liquidation losses of at least 50 USDC equivalent, representing a minimum of 30% of their total net assets based on a snapshot taken on October 9 at 23:59 UTC. The distribution of vouchers will commence within 24 hours and conclude within 96 hours, although potential delays may occur due to high processing volumes.
## Institutional Support Program
In addition to individual compensation, Binance introduced a $100 million Institutional Support Program. This program offers low-interest loans to assist ecosystem partners and institutional users in recovering, restoring trading activities, and alleviating liquidity challenges. Interested parties can submit their applications through designated account managers, with Binance ensuring prompt and confidential processing.
## Conclusion
Binance’s $300 million payout scheme and the Institutional Support Program signify the exchange’s proactive stance in aiding users and partners affected by the market volatility. These initiatives align with Binance’s commitment to prioritizing user welfare and contributing to the ongoing resilience of the cryptocurrency sector.
*[Featured image via Shutterstock]*
**Source: [Finbold](link_to_source)**