CEO Crypto.com Kris Marszalek has called on regulators to investigate exchanges following a record $20 billion in cryptocurrency liquidations in a single day.
In a post on Saturday, Marszalek wrote that relevant government agencies should «conduct a thorough integrity review,» asking whether trading platforms slowed down operations, mispriced assets, or failed to properly monitor manipulation and enforce regulations during the crash.
Regulators should pay attention to the exchanges that saw the most liquidations in the last 24 hours. Did any of them actually halt trading, preventing people from making trades? Were all trades executed at the correct prices and in accordance with the indices?
According to CoinGlass, Hyperliquid leads in liquidations with $10,31 billion. It is followed by bybit with $4,65 billion and Binance with $2,41 billion on other major platforms such as OK, HTX and Gate, these figures are lower: $1,21 billion, $362,5 million and $264,5 million, respectively.
Team Binance They confirmed that the USDe price drop incident involving Ethena, BNSOL, and WBETH led to the forced account termination of some users. The affected accounts are currently being reviewed and «appropriate compensatory measures are being taken.»
The announcement came after some users reported losses due to platform errors. One trader Binance He stated that the exchange had completely closed his short position, leaving his long position open, resulting in a total loss.
Co-founder Binance Yi He also acknowledged user complaints and issued a public apology. She promised that the exchange would compensate confirmed cases where platform errors resulted in loss of funds, but emphasized that «losses resulting from market fluctuations and unrealized profits are not subject to compensation.»