Binance founder Changpeng Zhao, widely known as CZ, has strongly denied claims that Binance manipulated Bitcoin prices during the October 10 market crash, which led to $20 billion in market liquidation.
He said the fall was caused by global tariff announcements, not by Binance systems or trading activity.
Speaking during a recent AMA session, CZ addressed concerns from users who blamed Binance for the sudden market drop on October 10.
However, CZ called those accusations misleading and incorrect. He explained that the sudden fall in crypto prices came immediately after major tariff announcements, which triggered fear across global financial markets.
CZ made it clear that Binance had nothing to do with the fall in Bitcoin prices. He said the timing of the crash proves it was linked to economic news and not to any technical issue on the exchange.
CZ also made it clear that Binance does not trade cryptocurrencies to profit from price movements. He said the company’s role is to provide a trading platform, not to speculate or control markets.
“We don’t buy or sell crypto to make money from price changes,” CZ said, pushing back against claims that Binance benefits from market swings.
He also rejected rumors that Binance or he personally profited from trading during the crash.
CZ stated clearly that Binance does not trade crypto to make profits from price movements. The platform only provides services for users to buy and sell.
Addressing rumors of price manipulation, CZ said the idea is unrealistic. He pointed out that Bitcoin is now a nearly $2 trillion market.
To significantly move Bitcoin’s price, someone would need to risk hundreds of billions of dollars. “No one in their right mind would do that.”
He said, “I don’t know anyone on the planet who is crazy enough to try to manipulate Bitcoin.”
Lastly, CZ also highlighted that Binance is now a regulated company under the Abu Dhabi Global Market (ADGM). The exchange is closely monitored by regulators, and even U.S. compliance teams oversee its operations.
Because of this strict oversight, he said Binance cannot engage in any unfair activity. All trades on the platform are reviewed by regulators, making manipulation impossible.
Even though CZ denies involvement, regulators could still review trading activity across all exchanges to ensure no market manipulation occurred. Binance’s oversight under ADGM and U.S. compliance teams may help mitigate legal exposure, but investigations could affect reporting requirements or future audits.
Investors who experienced losses may adjust their trading strategies, possibly moving to stablecoins or less volatile assets. Market sentiment can remain cautious for weeks after a large liquidation event, impacting liquidity and short-term price volatility.
Large-scale Bitcoin price swings often involve activity across multiple exchanges due to arbitrage and liquidity chains. Regulators may monitor whether coordinated selling occurred anywhere, not just on Binance, to determine systemic market risks.
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