A hack at Binance resulted in the theft of $6.3 billion in digital coins, according to the company’s disclosure. Binance says it will cover customers’ losses, but the incident highlights the risks of holding money in cryptocurrency and the limited regulatory protections available to customers in the United States.
The breach affected Binance.com, the exchange’s main platform, which the company blocks U.S. customers from using. Binance.US, a separate service available to users in some states, was not affected. Some U.S. customers may nevertheless access Binance.com through virtual private networks, according to the source report.
Binance said it would cover all losses with its own funds and its Secure Asset Fund for Users, or SAFU. The company established the fund as a reserve for extreme events. Its website reported that SAFU held $1 billion in Bitcoin as of 2026 and said Binance replenishes it if its value falls below $800 million. Bitcoin’s price had declined about 30 percent that year.
The source report said no U.S. government or regulatory body appeared able to require Binance or other troubled crypto companies to compensate customers. Binance’s promise to reimburse users therefore comes from the company itself, rather than an identified government-backed protection scheme.
Sources: The New York Times Business.