Binance Raises Market-Maker Rebates for One Week After $6.3 Billion Breach

Binance is giving some small and midsize market makers a one-week rebate boost after its Oct. 29 hot-wallet breach, seeking to shore up liquidity as Bitcoin (BTC) depth declined. The temporary offer covers spot and futures trades. It gives Tier 2 and Tier 3 market makers the rebate rate assigned to Tier 4, Binance’s highest tier. The change is intended to encourage more quoting and maintain order-book depth. On Binance, BTC order-book depth within 1% of its price fell from $45 million to $32 million during the first 24 hours after the incident.