Zhao calls claims Binance caused October crash 'absurd'

Binance founder Changpeng Zhao has refuted claims that the exchange was responsible for the cryptocurrency market crash last October, calling the allegations absurd. According to Walter Bloomberg, Zhao stated that Binance bears no responsibility for the $19 billion liquidation event that occurred at the time. He added that the company has already compensated users affected by technical issues with approximately $600 million, emphasizing that this process is now complete. Zhao also noted that Binance is regulated in Abu Dhabi and is under the supervision of U.S. authorities.