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Binance Clarifies Tongzhou Plan as Relief Fund for Severe Hardship Cases

He Yi emphasizes that the 'Tongzhou Plan' assists users with over 30% total asset losses, excluding market volatility impacts, with fraudulent claims identified and rejected.

Summary

Binance co-founder He Yi confirmed that the 'Tongzhou Plan' is designed as a relief fund for users facing severe losses of over 30% of their total assets, not as compensation for market volatility losses. Claims from specific depegged trading pairs have been addressed, and fraudulent claims have been identified. Customer service reviews will take place within a week.

Terms & Concepts
  • Relief Fund: A financial support program designed to assist individuals facing severe economic hardship, often under specific eligibility criteria.
  • Market Volatility: Rapid and significant price fluctuations in financial markets, often leading to gains or losses for investors.
  • Fraudulent Claims: False or deceptive statements made to illegally obtain benefits or funds.