CZ Addresses October 10 Market Crash in AMA

Changpeng Zhao (CZ), the founder and former CEO of Binance, held a personal AMA on Binance Square, clarifying his views on the October 10th market crash and addressing widespread rumors about Binance’s role. CZ emphasized that he no longer runs Binance and that his comments reflect his personal perspective as a shareholder and user, not as an operator.Responding to accusations that Binance caused the crash, CZ stated that the market turmoil was triggered by tariff announcements preceding the event, not by any Binance system failures or deliberate actions. He explained that Binance, like other platforms, was managing a surge in trading volume driven by those announcements.CZ also dismissed claims that Binance or he personally engaged in trading to manipulate prices. He confirmed that both he and Binance hold significant Bitcoin reserves on their balance sheets as long-term holdings, not for speculative trading. He noted the impracticality of any single entity causing a Bitcoin price crash given the market’s multi-trillion-dollar size.Highlighting Binance.com’s status as a regulated entity under ADGM with US monitors, CZ reassured users that the exchange operates transparently and is subject to oversight. He addressed other conspiracy theories, including exaggerated claims about his personal net worth and alleged dumping of crypto assets, calling such accusations “far-fetched” and based on misunderstandings.CZ acknowledged minor system performance issues during peak trading times on October 10th but emphasized Binance’s commitment to compensating affected users. He reminded the community that no technology guarantees 100% uptime and encouraged realistic expectations.In closing, CZ urged users to avoid distorted worldviews fueled by misinformation, emphasizing that success in the crypto space requires clear understanding and rational thinking.