Changpeng “CZ” Zhao, the co‑founder and former CEO of Binance, has pushed again towards ongoing claims that the world’s largest cryptocurrency change was liable for the sharp market crash that rocked the digital asset sector final October.
Talking throughout a stay ask‑me‑something session hosted on Binance’s personal social platform, Zhao described these accusations as “far‑fetched,” arguing that they oversimplify what was one of the turbulent days in crypto market historical past.
CZ Rejects Blame For $19 Billion Crypto Liquidations
Through the session, Zhao rejected the concept Binance was the first power behind the report wave of liquidations seen on October 10, when merchants throughout the business have been hit by sudden value swings, technical disruptions, and liquidity points.
That day, an estimated $19 billion price of leveraged crypto positions have been worn out, marking the most important single‑day liquidation occasion within the roughly 16‑yr historical past of the crypto market.
Whereas Binance did expertise system glitches and pricing discrepancies in the course of the turmoil, Zhao emphasised that the cryptocurrency change was not the reason for the broader market collapse. CZ mentioned:
There are a bigger group who declare the October tenth crash was brought on by Binance and needs Binance to compensate every little thing. In case you are dwelling in these world in your head, you might be unlikely to achieve success sooner or later.
He added that Binance had already compensated customers and companies affected by platform‑particular points, in the end paying out round $600 million following the crash. In keeping with Zhao, prospects who misplaced funds as a result of Binance’s technical issues have been totally reimbursed.
Binance Beneath World Regulatory Watch
Zhao additionally addressed regulatory oversight, noting that Binance operates as a regulated entity in Abu Dhabi, the place native authorities have full entry to the corporate’s operational information.
The previous govt additional identified that the cryptocurrency change stays underneath the supervision of a US authorities monitorship, reinforcing his argument that the platform’s actions are topic to vital scrutiny.
Though Zhao now not runs the corporate, he clarified that his feedback have been made in his capability as a Binance shareholder and person. He stepped down as CEO in November 2023 as a part of a decision with US authorities.
But, Zhao’s authorized state of affairs took one other flip in October 2025, when he acquired a presidential pardon from Donald Trump. The transfer reignited public debate and political criticism, notably from Democratic lawmakers, who questioned each the choice itself and Binance’s alleged political and enterprise connections.
Addressing these issues in a separate interview with CNBC, Zhao denied having any enterprise relationship with the Trump household. “There’s no enterprise relationship in any respect,” he mentioned, including that the broader narrative surrounding the pardon and the change’s supposed ties to Trump had been “misconstrued.”
As of this writing, Binance Coin (BNB), the change’s native token, is buying and selling at $847. It has declined by 5% over the previous week alone, mirroring the broader digital asset market drop. This places the token 38% under its report excessive of $1,369, which was reached final yr.
Featured picture from OpenArt, chart from TradingView.com
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