Bloomberg: Binance Offers Higher Trading Rebates to Some Market Makers to Maintain Liquidity After $6.3 Billion Theft

On November 3, Bloomberg reported that Binance—following the largest-ever hack in its history, which resulted in a $6.3 billion loss—swiftly adjusted its incentive structure by rolling out a temporary commission rebate upgrade for select platform market makers to revive trading activity across both spot and futures markets. According to sources familiar with the matter, shortly after the security breach, Binance proactively reached out to several mid- and small-sized trading firms, pledging to elevate their rebate rates to match those of the platform’s top-tier (Tier 4) market makers within one week—a move extending to liquidity providers previously classified as Tier 2 and Tier 3. As disclosed on Binance’s official website, market maker tiers are determined by the actual volume of liquidity contributed: higher trading-volume share translates to a higher tier and correspondingly higher rebate rates, directly reducing operational costs. The core objective of this temporary adjustment is to enhance the financial appeal for mid- and small-sized liquidity providers, encouraging them to quote more actively and deepen order books. A Binance spokesperson emphasized that the measure is a critical post-incident response aimed at stabilizing market confidence, adding: “Transparency in communication has always been our top priority—and we acted immediately to safeguard our most fundamental competitive advantage: liquidity.” As key infrastructure participants, market makers ensure continuous trading by providing persistent two-way quotes, enabling other investors to execute buy/sell orders without triggering significant price slippage. Talos data shows that within 24 hours of the hack, Binance’s Bitcoin order book depth dropped roughly 30%: the notional value executable within a ±1% price band fell from $45 million to $32 million—a sharp decline in market depth, a key metric reflecting how much volume a market can absorb without causing substantial price volatility.