On April 2, Binance responded to the plunge of some Meme coins yesterday, including ACT and other Meme coins, saying, "After preliminary investigation, we found that some small-cap tokens experienced a series of declines, including three VIP users cross-selling tokens of approximately USDT equivalent in the spot market in a short period of time, and one non-VIP user transferred from other platforms to large ACT, and sold tokens of 540,000 USDT equivalent in the spot market in a short period of time.

When the price fell, some users closed their futures contracts, and other tokens fell. No single account with large profits has been found. Since the tokens are already all circulated in the secondary market, the platform cannot interfere with any user's selling behavior. We will continue to investigate this incident, and if there is any update, Binance will further synchronize relevant details.

Binance regularly adjusts the leverage multiple based on the liquidity, market sentiment and trading volume of all trading currencies. In order to prevent potential fluctuations and risks in advance, we have taken the initiative to take preventive leverage multiple reduction measures. Binance contract has recently issued continuous adjustment announcements for ACTUSDT perpetual contracts. During this period, the market did not change significantly, and it did not actively reduce its positions in any user's positions. Market makers are an important part of the industry ecosystem. Binance also provides a complete market makers plan to inspire more market makers to join Binance and improve market liquidity.

The market has fluctuated greatly recently. In order to ensure the safety of users' assets and reduce trading risks, Binance will promptly make corresponding leverage adjustments based on market conditions to avoid systemic risks in the entire trading market. Binance also reminds all users to do corresponding risk control. "