{"id":502628,"date":"2025-10-13T02:17:37","date_gmt":"2025-10-13T01:17:37","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=502628"},"modified":"2025-12-05T22:29:42","modified_gmt":"2025-12-05T22:29:42","slug":"crypto-com-ceo-urges-regulators-to-probe-exchanges-with-the-most-liquidations","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/crypto-com-ceo-urges-regulators-to-probe-exchanges-with-the-most-liquidations\/","title":{"rendered":"Crypto.com CEO urges regulators to probe exchanges with the most liquidations"},"content":{"rendered":"

Crypto.com<\/a> CEO Kris Marszalek<\/a> urged regulators to investigate exchanges that saw the most liquidations during the largest crypto market crash<\/a> on Saturday. In an X post<\/a> on Oct. 11, Marszalek said that regulators need to “conduct a thorough review of fairness of practices” of the ten exchanges with the most liquidations in the preceding 24 hours.<\/p>\n

Marszalek attached a photo listing the exchanges that require investigation. Hyperliquid topped the chart with $19.35 billion in liquidations, followed by Bybit<\/a> and Binance with $10.31 billion and $4.5 billion in liquidations, respectively.<\/p>\n

The top five exchanges collectively accounted for over $37 billion in liquidations within 24 hours. Other exchanges that featured on the list include OKX<\/a>, HTX<\/a>, Gate<\/a>, CoinEx<\/a>, Bitfinex<\/a>, and Bitmex<\/a>.<\/p>\n

What regulators should be looking at<\/h2>\n

According to Marszalek, regulators need to review several aspects of the above-named exchanges. For instance, authorities should consider digging into whether any of the exchanges faltered to the point where investors could not trade.<\/p>\n

Similarly, Marszalek also questioned whether these exchanges priced all trades correctly and “in line with indexes.” The exchanges' trade monitoring and anti-money laundering programs also require investigation, he noted.<\/p>\n

Another aspect of the probe should be whether the internal trading teams of the exchanges have a full Chinese-wall to ensure there is no conflict of interests, Marszalek wrote. He added:<\/p>\n

“$20B in liquidations, a lot of users got hurt. The job of regulatory bodies is to protect the consumers and assure market integrity.”<\/p><\/blockquote>\n

Several investors have complained about unfair exchange practices<\/h2>\n

Several crypto investors took to X to complain about facing challenges while trading during the crash on Saturday.<\/p>\n

Foremost among them were users of Binance<\/a>, who faced difficulty executing trades or accessing different features during the crash. For instance, a crypto investor who goes by \u2018Cowboy\u2019 on X, called<\/a> Binance the \u201cbiggest scammers in crypto.\u201d<\/p>\n

Cowboy alleged that Binance froze users out of their accounts during the crash and prevented investors from accessing their funds. Limit orders and stop-loss functions were also unavailable during the crash, which ensured that Binance \u201cmaximized profits during the largest liquidation event in history,\u201d he noted, adding:<\/p>\n

\u201cBy blocking users from managing their positions or \u201clonging the bottom,\u201d Binance effectively turned a market meltdown into their own profit machine.\u201d<\/p><\/blockquote>\n

Cowboy went on to claim that Richard Teng<\/a>, CEO of Binance, could face prison-time for the malpractices of the exchange.<\/p>\n

Another user, who goes by the pseudonym of \u2018ElonTrades\u2019 on X, highlighted<\/a> that bad actors exploited a flaw in Binance\u2019s price structure to artificially depeg USDe, leading to hundreds of millions of dollars worth of forced liquidations.<\/p>\n

According to ElonTrades, Binance valued USDe<\/a>, BNSOL, and WBETH as per its own order books, instead of an oracle. When exploiters dumped around $60 million worth of USDe on Binance, it caused the stablecoin to depeg on the exchange, liquidating the positions of those who used the token as a collateral.<\/p>\n

ElonTrades wrote:<\/p>\n

\u201cWhat looked like chaos was actually a coordinated exploitation of Binance\u2019s internal pricing system, amplified by a macro shock and systemic leverage.\u201d<\/p><\/blockquote>\n

Binance acknowledged<\/a> having \u201cplatform-related issues\u201d that impacted users and announced that it will compensate them. Teng noted Binance will \u201clearn from what happened\u201d and remain committed to doing better in the future.<\/p>\n

Binance co-founder Yi He noted:<\/p>\n

\u201cThe reason Binance is Binance is that we never shy away from problems. When we fall short, we take responsibility\u2014there are no excuses or justifications.\u201d<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Crypto.com CEO Kris Marszalek urged regulators to investigate exchanges that saw the most liquidations during the largest crypto market crash on Saturday. In an X post on Oct. 11, Marszalek said that regulators need to “conduct a thorough review of fairness of practices” of the ten exchanges with the most liquidations in the preceding 24 […]<\/p>\n","protected":false},"author":1386,"featured_media":502641,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,46940,39,80621,79312,29,32631,6849],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nCrypto.com CEO urges regulators to probe exchanges with the most liquidations<\/title>\n<meta name=\"description\" content=\"Kris Marszalek believes regulators need to hold exchanges accountable and \u201cconduct a thorough review of fairness of practices.\u201d\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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