Binance co-founder and former CEO Changpeng “CZ” Chao has defended the world’s largest cryptocurrency change towards accusations that he performed a central function in final October’s $19 billion market crash.
Talking throughout a stay “Ask Me Something” session on Binance’s platform, Chao known as such claims “far-fetched” and mentioned they ignore broader market dynamics, based on Bloomberg. report.
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- Chao mentioned the declare that Binance brought on the $19 billion cryptocurrency crash in October 2025 is “far-fetched.”
- Binance has offered round $600 million to affected customers and operates below Abu Dhabi regulation and US oversight, and Zhao famous that the system points have already been resolved.
- Chao might be pardoned by President Trump in 2025 and is reportedly near an settlement that might eradicate Binance’s compliance monitoring obligations.
On October tenth, a file liquidation worn out roughly $19 billion in leveraged crypto positions. This was the biggest single-day decline within the sector’s 16-year historical past.
Customers reported technical glitches and value discrepancies on exchanges together with Binance, sparking panic promoting. Binance has since compensated prospects and firms roughly $600 million for losses associated to points with the platform.
