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Crypto exchange Binance: Markets were already shaken by President Trump’s new tariff move. Then came another blow — Binance, the world’s biggest crypto exchange, faced massive outrage.
Traders said their accounts froze, stop-loss orders didn’t work, and sudden flash crashes wiped coins down to almost nothing. By late Friday, social media exploded with anger as users claimed Binance’s systems locked up during the year’s biggest liquidation wave.
Altcoins Wipe Out Completely as Binance Faces Chaos
Enjin (ENJ) and Cosmos (ATOM) saw their prices briefly collapse — with some users reporting drops to near-zero, even as low as $0.001, before quickly recovering. Many traders said they couldn’t close or protect their positions as losses piled up.
Binance later admitted there was a disruption, blaming heavy trading activity for the slowdown and display glitches. The company tried to calm users, saying their funds remained safe.
Many users accused Binance of rigging the market. They claimed the platform freeze gave the exchange a chance to profit during what some called the biggest crypto liquidation in history.
Prominent traders alleged that Binance turned off limit and stop-loss features right when they were needed most. Others said both long and short positions were wiped out as the system locked up.
Across social media, traders shared stories of overloads and being unable to trade for several tense minutes. Binance wasn’t alone in facing outages. Coinbase and Robinhood also experienced frozen transactions.
This isn’t the first time Binance has been under fire. Some traders recalled a similar event earlier this year when sudden service stoppages coincided with huge liquidations.
Critics are pushing for regulators to examine the exchange’s internal controls. At the same time, many retail traders are urging others to move their funds off centralized platforms.
The Binance outage appears to have worsened the crash sparked by Trump’s 100% tariff threat on China. Earlier in the day, that announcement had already wiped $200 billion from the global crypto market.
The combination of political tension and system failures turned a sharp downturn into a historic market collapse. Binance says its platform is now back online.
However, users continue to face delayed withdrawals and frozen P2P trades. The exchange has not yet offered any compensation for those affected by the flash crashes.
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