The turmoil came just hours after U.S. President Donald Trump announced a 100% tariff on Chinese imports, triggering widespread panic across global markets. In crypto, the resulting liquidation wave erased nearly $200 billion from total market capitalization within a day.
As volatility spiked, multiple coins — including Enjin (ENJ) and Cosmos (ATOM) — briefly plunged to near zero on Binance. Traders described being unable to exit positions or hedge losses as the exchange’s systems allegedly froze under heavy load.
“My stop-loss never triggered. I was just watching my portfolio vanish,” one trader wrote on X, echoing hundreds of similar complaints across social media.
Binance has proven once again why they are the biggest scammers in crypto
During the recent market crash, they froze user accounts across the board, preventing traders from accessing their funds at critical moments. Limit orders and stop-loss functions were conveniently… https://t.co/2KACQ9Ns6Bpic.twitter.com/BA08yzezwT
Binance later acknowledged experiencing “heavy market activity leading to system delays,” adding that “funds are SAFU.” However, users accused the platform of market manipulation, claiming the outage benefited Binance by liquidating leveraged positions while order books remained locked.
“The scale of the freeze and simultaneous liquidations was unprecedented,” said independent analyst Marcus Weller. “This raises real concerns about exchange infrastructure during stress events.”
While Coinbase and Robinhood also reported brief outages, the backlash against Binance was particularly strong, given its market dominance and past history of similar disruptions.
Regulatory voices are now demanding greater oversight. “If retail traders lose faith in centralized exchanges, it risks triggering a deeper liquidity problem for the entire sector,” said crypto policy expert Jenna Collins.
The crash underscored a growing divide between centralized and decentralized platforms, with many users calling to “move funds off exchanges” following the chaos.
For now, Binance insists all systems are fully operational, though users continue to report delayed withdrawals and P2P transaction issues. No compensation plan has been announced, and many in the community remain skeptical that the platform’s response was adequate.
The incident may mark a turning point, as investors question whether centralized giants like Binance can truly withstand the pressure of an increasingly volatile market.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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