Notices Regarding Large Price Fluctuations on 2020/08/02

Fellow Binancians,

Please refer to the notices below regarding events that occurred on 2020/08/02:

BTCUSD 0925 Quarterly Futures K-line Adjustment

At 2020/08/02 4:48 AM (UTC), a single user placed a large number of orders over a very short period of time on the BTCUSD 0925 Quarterly Futures contract, resulting in a large candle wick up to 99,964 USD and a stretch of the K-line chart for all quarterly futures users.

Based on community feedback and also consideration of future user trading experience, Binance will make an adjustment to the K-line of the BTCUSD 0925 Quarterly Futures contract at 2020/08/02 12:00 PM (UTC).

If you would like to see the original K-line data, please click here to check via API.

Important Note: 

As Binance Futures uses the mark price as a reference in liquidations and calculations of unrealized PNL, the 99,964 USD wick and other extreme price movements during this period did not cause any liquidations in user positions.

In order to prevent repeat occurrences of this incident, Binance would like to remind users to fully understand the design and price fluctuation mechanism of Binance products before opting to trade, as to avoid any unnecessary losses that may occur as a result.

ETHDOWN (Binance Leveraged Token) Performance & Planned Compensation

Due to large price fluctuations on the ETHUSDT perpetual contract that occurred between 2020/08/02 4:43 AM (UTC) and 2020/08/02 5:22 AM (UTC), the fair price calculation based on the underlying perpetual position was delayed, then de-synced from the ETHDOWN token. The issue was resolved at 2020/08/02 5:22 AM (UTC).

To compensate users for any losses that may have occurred while trading the ETHDOWN BLVT during this period, Binance will be taking the following actions:

• All verified losses incurred by users trading the ETHDOWN BLVT token between 2020/08/02 4:43 AM (UTC) and 2020/08/02 5:22 AM (UTC) will be covered by Binance.
• To claim a loss, affected users can email lvt@Binance.com with the following details:
• Email address of affected Binance account
• Time period of affected trade
• Total loss incurred
• Each email submission will be reviewed and verified within 48 hours from the time of receipt. 

Thank you for your patience and apologies for the inconvenience.

Binance Team

2020/08/02

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