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The CEO of the popular crypto exchanges wants answers from regulators to what happened on Friday evening and Saturday morning.<\/p>\n
Recall the events that transpired<\/a> at the end of the business week after US President Donald Trump imposed a new set of tariffs on China. Bitcoin and essentially all altcoins crashed by double-digits, which led to over 1.6 million traders getting wrecked in the span of less than 24 hours.<\/p>\n In what became a record-setting liquidation event<\/a>, more than $19 billion was wrecked within this timeframe. However, the actual numbers could be a lot worse, according to multiple reports on X.<\/p>\n People continue to speculate<\/a> that large CEXes are underreporting the true liquidation data, and that a big industry name blew up. What we know for certain so far is that some altcoins crashed by up to 99.9% on Binance (such as Atom), while the majority dumped by 60%-70%, which is a lot worse than previous instances.<\/p>\n Kris Marszalek, the CEO of Crypto.com, urged regulators to take a good look into what happened during those hours, as some exchanges failed to execute orders for up to 120 minutes at a time. He believes watchdogs need to “conduct a thorough review of fairness of practices.”<\/p>\n He added<\/a> that these exchanges need to answer some valid questions for the millions of users who got wrecked, including:<\/p>\n “Were all trades priced correctly and in line with indexes? What\u2019s the setup for trade monitoring and AML programs? Are their internal trading teams fully Chinese-walled? $20B in liquidations, a lot of users got hurt. The job of regulatory bodies is to protect the consumers and assure market integrity.”<\/p>\n<\/blockquote>\n The post Crypto.com CEO Urges Regulators to Probe Exchanges for the $19B Liquidation Massacre<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\n\n
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