 
 
Binance founder Changpeng Zhao, aka CZ, has dismissed claims that the change is complicit in main market crashes, particularly the notorious one in October final 12 months that worn out a whole bunch of billions of {dollars}. He acknowledged that these claims are “far-fetched” and haven’t any logical advantage.
The crypto sector noticed greater than $19 billion in liquidations through the October 2025 crash, which all however sealed its destiny within the quick time period. The market has been unable to get better successfully from this main promoting spree and has dropped under $80k once more earlier at the moment.
Binance’s Discrepancies Over the Years
Binance, the world’s largest cryptocurrency change, has a historical past of system-related failures throughout main market actions, significantly downward ones. They embody worth discrepancies, technical glitches, and server down occasions.
The identical occurred, however on a a lot bigger scale, through the October 10 crash. A lot in order that the change voluntarily provided companies and clients greater than $600 million in compensation following it.
Nevertheless, CZ complained {that a} group of customers wished the change to compensate them for every thing, together with their very own poor buying and selling selections. He claimed that each one customers affected by glitches have been absolutely compensated.
 
CZ’s Chequered Previous
Zhao at present has no official function inside Binance. The maverick former Binance CEO needed to step down in 2023 after the US Division of Justice, underneath Joe Biden, introduced a case in opposition to him for failing to forestall cash laundering via the change. He pleaded responsible, and the platform paid $4.3 billion in penalties to the federal authorities.
As a part of the deal, CZ was additionally sentenced to spend 4 months in jail in 2024 and couldn’t return to the highest government place. Nevertheless, the billionaire was pardoned by the subsequent US President, Donald Trump, in 2025, and may now theoretically run the change as soon as once more.
As a substitute of taking on the reins as soon as once more, CZ launched into a worldwide evangelism drive to advertise the crypto sector, particularly in growing economies.
Some within the crypto enterprise nonetheless maintain the crypto innovator liable for overly speculative conduct that’s harming the digital foreign money revolution.
The CEO of rival OKX crypto change acknowledged in a prolonged tweet:
“….., As the most important world platform, Binance has outsized affect—and corresponding duty—as an trade chief. Lengthy-term belief in crypto can’t be constructed on short-term yield video games, extreme leverage, or advertising and marketing practices that obscure danger…. Crypto remains to be early.
What we select to normalize at the moment will decide whether or not this trade earns lasting belief—or repeats the identical errors once more.”
