By cryptoadmin Binance’s security incident is having knock-on effects across crypto platforms, with India’s largest exchange, CoinDCX, temporarily restricting new futures positions as a precaution.
Shortly before press time, CoinDCX said on X that it has placed its futures market in “reduce-only” mode, citing “recent developments impacting a global liquidity provider.” The exchange did not name the provider publicly, but a CoinDCX spokesperson told CoinDesk that it was Binance.
Under the restriction, traders cannot open new positions or increase the size of existing long or short bets. They can still add or reduce margin on existing positions, while open orders continue to execute. CoinDCX said deposits and withdrawals are working without issue and that customer funds remain safe.
The restriction applies only to futures and is temporary, though CoinDCX has not given a timeline for returning to normal trading.
The move shows how a major disruption at a primary liquidity venue can quickly limit risk-taking on connected platforms, even when those platforms’ own systems and customer balances are not directly affected.
CoinDCX aggregates a significant share of its futures liquidity from large global venues, including Binance. Its institutional materials describe systems that stream Binance order books for USDT-margined perpetuals and route activity accordingly.
Still, CoinDCX’s futures market is small relative to global giants such as Binance and Deribit. Its combined spot and futures volume over the past 24 hours was just over $1 million, according to CoinGecko.
Binance, the world’s largest cryptocurrency exchange, reported a major security incident on Oct. 29–30, with an estimated impact of about $6.3 billion in crypto assets.
Early findings pointed to a compromised DevOps engineer’s laptop that enabled unauthorized withdrawal transactions; Binance said there was no evidence of private-key leaks.
Read all of CoinDesk's coverage of the Binance hack here.