OKX CEO Accuses Binance of October Crypto Flash Crash

OKX CEO Star Xu accused a leading crypto company, interpreted as Binance, of prompting the October crypto crash through irresponsible marketing actions, citing low-quality token promotions. These actions reportedly shook industry trust and market stability.

OKX’s founder and CEO, Star Xu, accused a leading crypto exchange, interpreted as Binance, of contributing to the October 10, 2025, crypto crash through poor marketing practices.

Expert’s Criticism

OKX’s CEO, Star Xu, criticized an unnamed exchange, interpreted as Binance, for promoting low-quality tokens resulting in the October 2025 crash. Xu emphasized Binance’s tactics caused trust issues within the industry. The incident drew widespread attention as market stability concerns escalated.

Market Reaction and Financial Repercussions

Following Xu’s comments, Bitcoin and other cryptocurrencies suffered substantial losses. The crypto community debated Binance’s role in this event. Changpeng Zhao, Binance’s founder, dismissed these allegations, citing external factors instead. The market’s reaction underlines a struggle for transparency and trust within the industry.

Financial repercussions include a $19 billion liquidation across cryptocurrencies, notably affecting Bitcoin and Ethereum. Cathie Wood noted the crash as a repercussion of Binance’s software issues. Despite Binance’s rebuttal, industry experts insist on greater oversight and regulation to prevent future instability, with on-chain alternatives gaining popularity as users seek transparency and security.

The Path Forward

This incident emphasizes the critical role of strong governance. As the crypto landscape evolves, exchanges must prioritize operational transparency. Continued scrutiny by stakeholders is likely as the industry seeks to rebuild trust. The focus on reliable practices suggests potential technological adaptations that could redefine market norms.