Crypto.com CEO Calls For Investigation After $19B Crash

Kris Marszalek Calls for Oversight as Traders Question Exchange Behavior

Crypto.com CEO Kris Marszalek has urged global regulators to investigate the cryptocurrency exchanges that recorded the most liquidations during the massive market crash on the night of October 10–11, 2025.

Marszalek suggested that regulators should look into whether certain exchanges intentionally slowed down trading systems during the crash, making it impossible for users to react or close their positions. He also emphasized the need to verify the accuracy of trade executions and ensure that they correctly reflect market index prices.

Focus on Transparency and Consumer Protection

The Crypto.com chief called on regulators to examine the trading surveillance systems and anti–money laundering (AML) frameworks used by major platforms. He also questioned whether internal trading desks are truly separated from external market operations, which could otherwise raise serious conflict-of-interest concerns.

Marszalek noted that the historic $19 billion in liquidations had severely affected thousands of traders, adding that the primary responsibility of regulators is to safeguard consumers and preserve market fairness.

The October 2025 crash became the largest wave of liquidations in crypto history, erasing billions in leveraged positions within hours.

Binance Responds With Compensation Program

Following the crash, Binance announced that it had launched a compensation program related to three affected tokens. The company later confirmed that it had already distributed $283 million to users impacted by the event.

Industry analysts say the fallout could push regulators worldwide to tighten oversight of major exchanges and increase transparency requirements across the trading ecosystem.