Add as a preferred source on GoogleBinance Raises Market-Maker Rebates for One Week After $6.3 Billion Breach
Binance’s Bitcoin (BTC) depth within 1% of price fell from $45 million to $32 million in the first day after the Oct. 29 compromise.
Binance is giving some small and midsize market makers a one-week rebate boost after its Oct. 29 hot-wallet breach, seeking to shore up liquidity as Bitcoin (BTC) depth declined.
The temporary offer covers spot and futures trades. It gives Tier 2 and Tier 3 market makers the rebate rate assigned to Tier 4, Binance’s highest tier. The change is intended to encourage more quoting and maintain order-book depth.
On Binance, BTC order-book depth within 1% of its price fell from $45 million to $32 million during the first 24 hours after the incident. That was a $13 million drop, roughly 29%, or about 30%. The measurement covers Binance’s order book.
Binance estimated losses from the hot-wallet compromise at about $6.3 billion. The rebate program is temporary and set to last one week.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.