Crypto.com CEO Kris Marszalek urged regulators to investigate exchanges that saw the most liquidations during the largest crypto market crash on Saturday. In an X post on Oct. 11, Marszalek said that regulators need to “conduct a thorough review of fairness of practices” of the ten exchanges with the most liquidations in the preceding 24 hours.
Marszalek attached a photo listing the exchanges that require investigation. Hyperliquid topped the chart with $19.35 billion in liquidations, followed by Bybit and Binance with $10.31 billion and $4.5 billion in liquidations, respectively.
The top five exchanges collectively accounted for over $37 billion in liquidations within 24 hours. Other exchanges that featured on the list include OKX, HTX, Gate, CoinEx, Bitfinex, and Bitmex.
What regulators should be looking at
According to Marszalek, regulators need to review several aspects of the above-named exchanges. For instance, authorities should consider digging into whether any of the exchanges faltered to the point where investors could not trade.
Similarly, Marszalek also questioned whether these exchanges priced all trades correctly and “in line with indexes.” The exchanges’ trade monitoring and anti-money laundering programs also require investigation, he noted.
Another aspect of the probe should be whether the internal trading teams of the exchanges have a full Chinese-wall to ensure there is no conflict of interests, Marszalek wrote. He added:
“$20B in liquidations, a lo
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Author: Monika Ghosh
