Binance’s October 10 Defense at Consensus Hong Kong Falls Flat
Binance Co-CEO Richard Teng has defended the alternate in opposition to claims that it was chargeable for the October 10, 2025, “10/10” crypto crash, which noticed roughly $19 billion in liquidations.
Speaking at CoinDesk’s Consensus Hong Kong convention on February 12, 2026, Teng argued the sell-off was pushed by different elements in addition to any Binance-specific failures.
Richard Teng Gives Binance’s Side of the Story on October 10 Crash
The Binance co-CEO cited macroeconomic and geopolitical shocks between the US and China. Specifically, he cited:
- Fresh US tariff threats, together with potential 100% duties on Chinese imports, and
- China’s imposition of rare-earth export controls.
The mixture, he mentioned, flipped world danger sentiment, triggering mass liquidations throughout all exchanges, centralized and decentralized alike.
“The US fairness market plunged $1.5 trillion in worth that day,” Teng said. “The US fairness market alone noticed $150 billion of liquidation. The crypto market is far smaller. It was about $19 billion. And the liquidation on crypto occurred throughout all of the exchanges.”
The majority of liquidations (roughly 75%) occurred round 9:00 p.m. ET, coinciding with the discharge of macro information.
Teng acknowledged minor platform points throughout the occasion, together with a (*10*) and momentary slowness in asset transfers.
However, he pressured these had been unrelated to the broader market collapse. He additionally emphasised that Binance supported affected customers, together with by compensating a few of them.
“…buying and selling information confirmed no proof of a mass withdrawal from the platform,” he added.
Last yr, Binance reportedly facilitated $34 trillion in buying and selling quantity and served over 300 million customers.
It is price noting that the October 10 crash has been a persistent reason for Binance FUD over the previous a number of months. The alternate has faced criticism from far and wide, with the heaviest assaults coming from rival exchange OKX and its CEO, Star Xu.
Traders Reject Teng’s Macro Shock Explanation Amid $19 Billion 10/10 Liquidation
Despite Teng’s detailed protection, merchants on social media have responded swiftly and critically. On X (Twitter), customers accused Binance of locking APIs and engineering situations that compelled liquidations, solely to deflect accountability with the “macro shock” rationalization.
“Blaming macro shocks is the brand new ‘it was a glitch.’ $19B liquidated and by some means no person at Binance is accountable lol,” one consumer challenged.
Naysayers go additional, with some customers likening Teng’s claims to colloquial phrases in harsh criticism.
“‘It wasn’t us, it was the macro’ is the crypto alternate model of the canine ate my homework. $19B in liquidations and each platform simply factors at the man subsequent to them,” one other said.
However, nearly all of responses revolved round alleged faux API responses and questioned inside coordination at Binance. The normal sentiment is that customers really feel the alternate isn’t absolutely clear.
The backlash illustrates the continuing stress between centralized exchanges and leveraged merchants throughout high-volatility occasions.
While retail demand has cooled in comparison with earlier years, Teng highlighted that institutional and company participation in crypto stays sturdy.
“Institutions are nonetheless coming into the sector,” he mentioned. “Meaning the good cash is deploying.”
Teng additionally framed the 10/10 occasion as a part of a broader cyclical sample in crypto markets. He argued that regardless of short-term turbulence, the sector’s underlying growth continues, with institutional capital driving long-term confidence.
Still, the alternate faces a twofold problem:
- It should defend its function throughout unprecedented market stress
- Binance should additionally restore belief with a skeptical buying and selling group.
While the $19 billion liquidation worn out positions throughout the market, the talk over who or what needs to be held accountable continues to simmer on-line. This is predicted, given the fragility of confidence in high-leverage crypto buying and selling.
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