Binance's former CEO Zhao Changpeng stated that the ongoing accusations regarding the world's largest digital asset platform Binance's responsibility for last October's cryptocurrency market crash are 'very far-fetched.'
During an online Q&A session on Binance's social platform on Friday, Zhao Changpeng denied that Binance was the main driver behind the record liquidation wave that occurred when platform users faced technical failures and price discrepancies. After the crash, the company issued approximately $600 million in compensation to customers and businesses.
Zhao Changpeng said that there are still a group of people claiming that this crash was caused by Binance and demanding compensation for everything, but they are unlikely to succeed in the future.
He pointed out that Binance is a regulated company in Abu Dhabi, and local regulators can review the company's operational activities, while the U.S. government continues to monitor the platform.
Zhao Changpeng stated that he is speaking as a shareholder and user of Binance.