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Nox Bitcoin reimburses the money to UST holders who lost in the crash. Crypto users have queried whether Binance will follow suit. Nox promises to refund all UST Nox Bitcoin, a Brazil-based crypto exchange, has announced that it would be reimbursing all of its users who lost their Terra UST holding on its platform, according to a Nox Bitcoin, a cryptocurrency exchange in Brazil, has taken the unprecedented step of using its own funds to refund customers for their TerraUSD coins at the full rate. Following local According to a local news report, Nox Bitcoin, a cryptocurrency brokerage firm, spent 620,000 reais (around $127,000) to reimburse all of its customers who lost money A Brazilian crypto exchange has set rare precedence at the moment after it reportedly refunded customers' Terra UST coins. The crypto exchange has used its funds to Brazilian cryptocurrency exchange Nox Bitcoin has indicated that they are making 620,000 Brazilian real, equivalent to approximately EUR 120,000, available to A Brazilian cryptocurrency exchange has taken the unprecedented step of using its own funds to fully refund consumers for their TerraUSD coins. On May 20, local The customers of the Brazilian cryptocurrencies trading platform Nox Bitcoin who had investments in UST, Terra’s algorithmic stablecoin (LUNA), and were harmed by the network collapse will THE crypto exchange Nox Bitcoin announced that it will reimburse about BRL 620,000 to customers who maintained – and were harmed by it – the investment in UST

Brazil's Nox Bitcoin Reimburses Victims of Terra UST Crash: Will Binance Follow Suit?

A Brazilian crypto exchange has set rare precedence, announcing it would reimburse its users who lost their Terra UST (now known as TerraClassicUSD) holding on its platform. Nox Bitcoin, a cryptocurrency exchange in Brazil, has taken the unprecedented step of using its own funds to fully refund consumers for their TerraUSD coins. According to a local news report, Nox Bitcoin spent 620,000 reais (around $127,000) to reimburse all of its customers who lost money in the UST collapse.

THE crypto exchange Nox Bitcoin announced that it will reimburse about BRL 620,000 to customers who maintained – and were harmed by it – the investment in UST. Nox promises to refund all UST Nox Bitcoin. This action has sparked debate in the crypto community, especially as the customers of the Brazilian cryptocurrencies trading platform Nox Bitcoin who had investments in UST, Terra’s algorithmic stablecoin (LUNA), and were harmed by the network collapse will see their losses mitigated.

Nox Bitcoin Reimburses UST Holders

Nox Bitcoin reimburses the money to UST holders who lost in the crash. Following local reports, Brazilian cryptocurrency exchange Nox Bitcoin has indicated that they are making 620,000 Brazilian real, equivalent to approximately EUR 120,000, available to cover the losses. On May 20, local news confirmed the move, highlighting the exchange's commitment to its users. A Brazilian cryptocurrency exchange has taken the unprecedented step of using its own funds to fully refund consumers for their TerraUSD coins.

Will Binance Follow Nox Bitcoin's Lead?

Crypto users have queried whether Binance will follow suit. The actions of Nox Bitcoin raise questions about the responsibility of crypto exchanges in the face of significant market events like the Terra UST crash. While most exchanges provided warnings about the risks associated with algorithmic stablecoins, few have offered direct financial compensation to users. The willingness of Nox Bitcoin to absorb these losses has set a new standard, prompting many to wonder if other major exchanges, like Binance, will consider similar measures to support their users who were impacted by the UST collapse.

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