Changpeng Zhao, better known as 'CZ', the co-founder of Binance, has publicly denied allegations that the exchange was responsible for the $19 billion cryptocurrency market crash in October of the previous year. During a live session, Zhao addressed these allegations as 'far-fetched', emphasizing that such claims neglect the complex market forces at play. In the aftermath of the crash, Binance implemented measures to support affected users, providing approximately $600 million in aid under the regulatory frameworks of Abu Dhabi and ongoing US monitorship.
Additionally, Zhao, who was pardoned by former President Donald Trump, hinted that Binance might soon reach an agreement to lift its compliance monitor requirement. The October market turmoil resulted from record liquidations that wiped out $19 billion in leveraged positions across various exchanges, leading to widespread panic and technical disturbances. In response, Binance allocated substantial funds to reimburse those impacted by the platform's operational issues.
