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Binance CEO Richard Teng, others address crypto market collapse
Following Binance CEO Richard Teng’s remarks, other exchange leaders have spoken out about the record wave of crypto liquidations.
During the recent market collapse, Binance, the world’s largest cryptocurrency exchange, emphasized the importance of timely communication with users. Binance co-founder Yi He, acknowledging technical issues, immediately offered affected traders compensation, while the exchange later confirmed it had reimbursed $283 million to some of the liquidated users.
Richard Teng, CEO of Binance, expressed empathy toward traders, stating that the exchange is “learning from the incident and working to improve the situation,” while encouraging users to contact support if they experienced losses.
Voices from competitors
Meanwhile, Hyperliquid co-founder and CEO Jeff Yan highlighted the transparency of blockchain in his communication with users, noting that anyone can “verify execution on-chain, including all liquidations and their fairness for every user.”
Yan criticized centralized exchanges for underreporting liquidation data, writing on X (formerly Twitter):
“For instance, on Binance, even if thousands of liquidation orders occur within one second, only one is reported. Because liquidations are processed in queues, this can easily understate actual figures by 100x.”
He expressed hope that the industry will eventually “recognize transparency and neutrality as core traits of the new financial system.”
At the same time, Crypto.com CEO Kris Marszalek called on regulators to examine exchanges with the highest liquidation volumes, posting a chart that ranked Hyperliquid, Bybit, and Binance as the top three.
“Did any exchanges slow down or halt trading entirely, preventing users from acting? Were all trades priced correctly and aligned with indices? How robust are their AML and market surveillance systems? Are internal trading teams fully separated by Chinese walls?”, - Marszalek wrote on X, emphasizing the need to prevent conflicts of interest within exchanges.
He added that when $20 billion in liquidations occur and millions of users are affected, regulators must protect consumers and ensure market integrity — though, as he concluded, “we’ll see if that actually happens.”
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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