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>>Crypto.com's CEO is calling on regulators to investigate cryptocurrency exchanges following the recent collapse and liquidation of assets worth $19 billion.

Crypto.com's CEO is calling on regulators to investigate cryptocurrency exchanges following the recent collapse and liquidation of assets worth $19 billion.

crypthub

2 days ago

Market Crash and Liquidations

Bitcoin and altcoins experienced a dramatic crash following new tariffs imposed on China, resulting in over $19 billion in liquidations within 24 hours. The event impacted over 1.6 million traders and potentially resulted in worse unreported losses. Some altcoins, like Atom on Binance, saw near-total value loss.

CEO Calls for Regulatory Action

Kris Marszalek, CEO of Crypto.com, is demanding answers from regulators regarding the recent market events. He urged a review of exchange practices and a thorough examination of order execution failures, which reportedly lasted up to two hours. Marszalek emphasized the need to protect consumers and maintain market integrity.

Questions for Exchanges

Exchanges are facing questions about trade pricing accuracy, trade monitoring systems, and Anti-Money Laundering (AML) programs. Concerns have also been raised regarding the potential involvement of internal trading teams. Regulators are expected to investigate these critical areas to ascertain accountability.