OKX CEO Blames Binance for Crypto Market Crash
OKX CEO Star Xu accuses Binance’s marketing strategies for the October market crash.
- Star Xu criticizes Binance for triggering market turmoil.
- Bitcoin plummeted 16.5%, causing widespread liquidations.
- CZ denies claims, attributes crash to macroeconomic factors.
On October 10, 2025, OKX CEO Star Xu blamed Binance’s marketing strategies for a market crash, while Binance’s CZ cited macroeconomic factors during an AMA on Binance Square.
The clash between Xu and CZ over the crash’s causes highlights tensions affecting market trust and stability, with notable liquidations exceeding the FTX incident.
On October 10, 2025, the cryptocurrency market experienced a significant crash. OKX CEO Star Xu attributed the downturn to Binance’s high-yield USDe campaign. These actions reportedly created leverage loops without proper risk controls.
Background
The incident involved prominent figures including Star Xu and Changpeng Zhao (CZ). Xu’s critique centered on Binance’s marketing strategy, while CZ defended the company, attributing the crash to external macroeconomic news rather than technical issues.
Market Impact
The market crash sent Bitcoin plunging by 16.5%, dropping prices from $121,000 to $101,000. Ripple effects were observed across various exchanges, with several assets experiencing rapid devaluation. Liquidations ensued, exceeding past incidents in financial damage.
Star Xu, Founder and CEO, OKX, criticized Binance for the October 10, 2025, market crash, stating, “No complexity. No accident. October 10 was caused by irresponsible marketing campaigns by certain companies.” This statement highlights the scrutiny on exchange risk management protocols and comparisons to the 2022 FTX collapse.
Future Projections
In the aftermath, discussions about financial and technological impacts grew among investors. Market analysts debate whether regulatory interventions or enhanced risk control mechanisms are needed. The incident highlights ongoing vulnerabilities within cryptocurrency markets.
Industry experts predict possible changes in market cooperation, with calls for improved risk management. Historical comparisons with previous crashes suggest a need for stricter controls. The incident may redefine trust and operational norms within the sector.
More From Crypto News
Bitcoin, Ethereum ETFs Lose $592M After Clarity Act Stalls
Bitcoin and Ethereum ETFs recorded a combined $592 million in outflows, according to reports, as the Digital Asset Market Clarity Act stalled in the Senate, rem...
Senate Blocks CLARITY Act: Bitcoin Falls Over 5%
This is not the first time the bill has stalled. The Senate has previously failed to advance the CLARITY Act , and an earlier session saw it blocked before the...
Routing Error Takes 29% of Solana Stake Offline for 30 Minutes
The Solana Foundation confirmed that a routing error at Teraswitch, its largest hosted-infrastructure provider, caused the disruption. The Foundation said block...
Aave Proposes V4 Loans Against Bitcoin Held With Anchorage
Aave Labs published the ARFC titled “Custodied Collateral Lending: Aave V4 Isolated Hub & Spoke” on September 14, 2026 , seeking approval for an institutional s...
Senate Fails to Advance CLARITY Act
Reporting states only that the Senate did not advance the bill, per Crypto Briefing . The specific bill version, the procedural action taken, and any vote count...
Erebor Bank Free Stablecoin Plan: Traders Find Loophole
The story originates with The Information, whose article How Erebor Bank’s Sweet Stablecoin Deal Backfired is credited to Michael Roddan and Yueqi Yang and date...
