Binance's founder says Gulf Binance offered liquidity support after the 2023 fine and again during a security incident with estimated losses of approximately $6 to $6.3 billion
Changpeng Zhao has a short list of people who called when things got ugly. One of them is a Thai energy conglomerate’s crypto venture.
In a post on X on October 30, 2026, the Binance founder, known as CZ, praised Gulf Binance Co., Ltd., the exchange’s partner in Thailand, for offering liquidity support twice. The first time was after Binance’s $4 billion fine in 2023. The second time is happening now, as Binance works through a cybersecurity incident with estimated losses of approximately $6 to $6.3 billion.
What happened at Binance
The security incident surfaced around October 29 to 30, 2026. Losses are estimated at roughly $6 billion to $6.3 billion. That range is an estimate, not a final accounting.
Binance plans to cover the losses through its Secure Asset Fund for Users, better known as SAFU, along with other resources. SAFU is essentially the exchange’s emergency reserve.
Stablecoin issuers have also reportedly stepped in. Tether and Circle have reportedly frozen stablecoin amounts connected to the incident.
CZ’s post adds another layer: liquidity support from Gulf. When an exchange faces a sudden hole in its balance sheet, having a well-capitalized partner willing to provide cash can keep normal operations running while the bigger fix gets sorted out.
How the Thai operation is holding up
Binance TH, the platform run by Gulf Binance, has taken a cautious line. It has temporarily paused digital asset deposits and withdrawals while it runs security checks.
Trading continues as usual, and fiat services remain operational. Users can still buy and sell. They just can’t move crypto on or off the platform for now.
The Thai platform says customer digital assets there are safe. The reason given is that those assets sit in segregated cold wallets. Cold wallets are kept offline, and segregation means Thai customer funds are stored separately rather than pooled with other money.
Gulf Binance operates as a joint venture between Gulf Innova, which is affiliated with Gulf Energy Development, and Binance Capital Management. The structure keeps Binance’s global platform operationally independent from its Thai business.
The Thai operation is also regulated by Thailand’s Securities and Exchange Commission. That local oversight is part of why the joint venture runs as its own entity rather than as a branch of the global exchange.
Background: a partnership tested twice
The 2023 fine was a defining moment for Binance. The $4 billion penalty was a heavy blow for any company, and CZ’s post makes clear that Gulf offered liquidity at that point too.
What this means
For Binance users globally, the key questions are about recovery and transparency. Binance intends to use SAFU and other resources to cover the losses. The size of the hole, estimated at approximately $6 to $6.3 billion, will test how deep those reserves actually run.
For Thai users, the picture is calmer, at least on paper. The segregated cold wallet setup and the joint venture structure are designed to keep problems at the global exchange from spilling into the local platform. The pause on crypto deposits and withdrawals is an inconvenience while the security review runs.
The reported freezes by Tether and Circle are another thread to watch. If issuer-level freezes help limit the damage, that will strengthen the argument that stablecoin issuers can play an active role in incident response.
