Binance CEO Changpeng “CZ” Zhao has responded to the sudden halts of the exchange’s long-awaited space-themed listing. He offered an assurance that customers’ security is being placed first.
Binance To Refund User Funds
“Protect its users when things go wrong,” CZ posted on X. He also linked the official statement addressing the Binance Wallet SPCXx IPO reversals.
Protect users when things don’t go as planned. 👋https://t.co/MkJofALzmv
— CZ 🔶 BNB (@cz_binance) June 12, 2026
In the announcement, Binance stated that it was unable to continue with the plan due to “circumstances outside of our control.” The company added, “We sincerely apologize for any inconvenience this may cause.” it also notified about the compensation measures for those affected.
The exchange announced that all the USDC tokens that participants subscribed with would be returned to them in the same manner in which they paid. Binance stated that refunds are underway, and they will be finished by June 12.
In addition to the refunds, Binance announced a $1 million compensation for its users, which will be paid in the form of SPCXB tokens. The exchange said that their users who were participating in the airdrop would get an equal amount of the airdrop directly into their Binance Spot accounts by June 18.
Binance has said SPCXB is an “upcoming bStocks token” that will track the price of the SpaceX stock. The company says the digital asset will be backed “1:1 by real SpaceX shares held by a regulated custodian.” Moreover, it will offer proof-of-reserves for transparency.
Earlier, Binance had launched pre-IPO perpetual futures for the debut SpaceX.
Investors Poured In $557M Into SpaceX Campaign
There was a lot of investor interest in Binance’s cancelled campaign. According to Dune Analytics, the offering saw approximately $557 million worth of subscriptions from 27,689 wallet addresses that participated.
For context, retail investors dominated the offering. These subscribers, who pledged less than one-fifth of the total capital pledged, made over $20,000. Nearly 17% of subscribers were mid-sized participants ($20,000-$100,000), who contributed nearly 58% of the money raised.
The large investors also played their part in the campaign. Over 10% of the subscribed capital, or at least 114 wallet addresses, contributed more than $500,000.
The SPCXx was attached to xStocks and was designed to give investors exposure to SpaceX without them having to buy shares publicly. However, SpaceX Pre-IPO allocation received by xStocks from underwriters came in below expectations. Hence, Binance and Bybit had to cancel their campaign.
For upcoming crypto airdrops, please check our page on Crypto Airdrops.
