Dear Users,
Due to a surge in traffic between 2023-07-13 23:42 and 2023-07-14 00:38 (UTC+8), some users have encountered abnormal displays of Order Book and open orders in Perpetual Futures. BingX took immediate action and has since restored normalcy in the first instance. As a platform attaching great importance to user experience, we have formulated the following compensation plan for affected users who used the Perpetual Futures service during the incident:
 
1. For users who were forcefully liquidated due to the incident, the platform will compensate for the additional losses.
Compensation Plan: Affected users that failed to close positions during the incident and resulted in forced liquidation will receive compensation for the additional losses incurred.
Additional Loss = Forced Liquidation Amount - Loss Amount Calculated based on "Optimal Price"
 
2. For affected users who incurred increased losses or reduced profits due to the inability to close positions during the incident period, users will receive compensation.
Compensation Plan: A comparison will be made between the "optimal price" and the user's close price before 2023-07-14 12:00 (UTC+8). If the user's closed price is worse than the optimal price, the difference will be compensated. If the user's closed price is better than the "optimal price," no compensation will be issued.
 
3. For affected users whose orders failed to trigger TP/SL during the incident period, compensation will be provided for the difference in profits or losses.
Compensation Plan: A comparison will be made between the trigger price of the TP/SL order and the user's close price before 2023-07-14 12:00 (UTC+8). If the user's close price is worse than the trigger price, the difference will be compensated. If the user's close price is better than the trigger price, no compensation will be provided.
 
Optimal Price: It is calculated by collating the prices during the incident period and the next 10 minutes following the resolution of the issue that is most beneficial for the user. For long positions, the optimal price is the highest price observed during that period, while for short positions, it is the lowest price observed during that period.
  • All compensation will be issued before 2023-07-16 at 18:00 (UTC+8).
  • If you have any questions, please contact our 24/7 online customer support.
BingX Operation Team
2023-07-14

 

BingX Official Channels
BingX App: https://bingx.com/download/
BingX Web: https://bingx.com
Telegram: https://t.me/BingXOfficial
Twitter: https://twitter.com/BingXOfficial
YouTube: https://www.youtube.com/c/bingx
Risk Disclaimer
Cryptocurrency prices are subject to high market risk and price volatility. You should only invest in products that you are familiar with and where you understand the associated risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material is for reference only and should not be construed as financial advice. Past performance is not a reliable indicator of future performance. The value of your investment can go down as well as up, and you may not get back the amount you invested. You are solely responsible for your investment decisions. BingX is not responsible for any losses you may incur.
BingX attaches great importance to compliance and strictly abides by local regulations. Please obey local laws and regulations in your country or region. BingX reserves the right in its sole discretion to amend, change, or cancel this announcement at any time and for any reason without prior notice.
For more information, please refer to our Terms of Use and Risk Warning.