CZ refuted claims that Binance caused the '1011 crash,' stressing regulatory compliance, minor system issues, and ongoing compensation efforts, as industry leaders debate the event's root causes.
On January 31, Binance founder Changpeng Zhao (CZ) denied that the so-called '1011 crash' was linked to Binance’s systems or actions. He asserted the exchange operates under strict regulatory compliance, acknowledged minor performance issues, and defended Binance's compensation measures. OKX founder Star attributed the incident to Binance’s USDe promotions, while Wintermute’s Gaevoy and other industry figures sided with CZ’s explanation. The debate reflects ongoing rivalry and public commentary among major crypto exchanges during periods of market stress.