Binance’s CZ Denies Bitcoin Price Manipulation Claims During October Crash

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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.

CZ Denies Binance Role in October Crash

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.

Binance Does Not Trade to Influence Prices

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.

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.

Bitcoin Is Too Big, “No One Can Manipulate It”

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.” 

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.