Crypto.com CEO Kris Marszalek is calling for a regulatory investigation into exchanges that suffered massive losses following a record $20 billion in crypto liquidations in the last 24 hours. Hyperliquid led in liquidations with $10.31 billion, followed by Bybit with $4.65 billion, and Binance with $2.41 billion.

Binance confirmed a token depeg incident that caused forced liquidations for some users, leading to loss due to platform errors. Binance is reviewing affected accounts and considering compensation measures. User complaints prompted a public apology from co-founder Yi He, who acknowledged platform errors during significant market fluctuations.

The recent market meltdown was triggered by US President Donald Trump announcing plans to impose 100% tariffs on all Chinese imports starting Nov. 1 in response to China’s new export restrictions on rare earth minerals. China’s new policy requiring export licenses for products containing over 0.1% Chinese rare earths is set to take effect Dec. 1.

Read more at Cointelegraph: Crypto.com CEO Urges Probe After $20B Liquidations