Crypto.com CEO Kris Marszalek demanded a regulatory probe into exchanges who suffered the greatest losses, following an unprecedented $20 billion of liquidation in the crypto market over the past 24-hours.
It’s a Sunday post Marszalek urged the regulators to X. “conduct a thorough review of fairness of practices,” If you are wondering whether your trading platform is slowing down, if it has mispriced its assets or if they have not maintained proper standards, then this question will help. anti-manipulation and compliance controls During the accident,
“Regulators should look into the exchanges that had most liquidations in the last 24 hours,” He has written. “Any of them slowing down to a halt, effectively not allowing people to trade? Were all trades priced correctly and in line with indexes?”
CoinGlass data shows that Hyperliquid was the most liquidated exchange, with $10.31 in positions wiped. Bybit came in second with $4.65bn, while Binance was third with $2.41bn. The totals of other major platforms, such as OKX, HTX, and Gate, were smaller, with $1.21 billion and $362.5 millions, respectively.
Related: Crypto Sentiment Index Plunges After Trump’s Tariff Scare
Binance confirms that token depeg has triggered liquidations of users
It is a good idea to get in touch. announcementBinance has confirmed that Ethena’s USDe was devalued (USDEBNSOL (BNSOL) and WBETH, which led to liquidations of certain users. The exchange stated that they are reviewing affected accounts. “appropriate compensation measures.”
One Binance trader reported losing money due to the platform’s errors. The announcement came after some users reported losses due to platform errors. claimed The exchange closed its short positions while keeping their longs open. This resulted in a loss. The user stated that it was not an issue with auto-deleveraging and said similar trades made on other platforms such as Lighter, Extended and Extended had survived.
Binance Co-founder Yi He was also acknowledged User complaints are addressed in public apologies, citing “significant market fluctuations and a substantial influx of users.” Binance, she said, would reimburse verified cases of platform error that caused loss but she emphasized this. “losses resulting from market fluctuations and unrealized profits are not eligible.”
Data is a good indicator accumulated by crypto analyst Quinten François, the latest crypto market wipeout has eclipsed every previous downturn. This $19.31billion in liquidations represents a loss of more than ten-times the COVID-19 collapse ($1.2bn) or the FTX crash ($1.6bn).
Related: Bitcoin may get ‘dragged around a bit’ amid Trump tariff fears
Trump raises tariffs to 100% on Chinese imports
Recent market volatility began after US President Donald Trump made his announcement. plans to impose 100% tariffs All Chinese imports will be subject to a 10% duty starting November 1st in response China’s recent export restrictions for rare earth minerals.
China, which provides roughly 70% of all rare earth minerals on the planet, declared recently that products with more than 0.1% Chinese rarities would need an export licence. The new measure is expected to go into effect December 1.
Trump criticised Beijing’s policies as “a moral disgrace” And hinted that he would cancel a meeting planned with President Xi Jinping during the APEC Summit.
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Source: cointelegraph.com
