DRW Criticizes Crypto Exchanges for Lack of Neutrality During Market Crash
DRW's Wilson has sharply criticized cryptocurrency exchanges for failing to maintain neutrality during last week's historic market crash, which saw $19 billion in liquidations. Speaking from Chicago, he emphasized that exchanges must act as neutral trading venues to gain institutional credibility. "In traditional finance, that's a bright line," Wilson said. "In crypto, it's often blurred, and that's a problem."
Some platforms allegedly injected their own liquidity during the chaos, a practice strictly separated in traditional markets. Others halted deposits entirely, leaving traders unable to meet margin calls—a MOVE Wilson called "unthinkable" in regulated finance. Cumberland remained operational, but many were left defenseless as markets collapsed.
