Let’s imagine a simple situation.
You have an asset worth:
$10 000.
Its price per day didn’t change.
The portfolio was still $10 000 and remained $10 000.
But Binance changes its collateral ratio from 60% to 30%.
And suddenly, for the margin system, your $10 000 — is no longer $6 000 in collateral.
Only:
$3 000.
You didn’t lose a single dollar as the price moved.