Binance CEO Richard Teng breaks down the ‘10/10’ nightmare that rocked crypto

Binance CEO Richard Teng addressed the significant crypto market liquidation event on October 10th at CoinDesk's Consensus Hong Kong, clarifying that Binance did not cause the event. He explained that all exchanges, both centralized and decentralized, experienced massive liquidations following China's rare earth metal controls and new U.S. tariffs. Approximately 75% of liquidations occurred around 9:00 p.m. ET, coinciding with a stablecoin depegging and asset transfer delays. Teng highlighted the broader market context, noting a $1.5 trillion plunge in the U.S. equity market and $150 billion in U.S. equity liquidations on the same day, compared to $19 billion in the crypto market. He emphasized Binance’s support for affected users, a step not taken by other exchanges, and reported $34 trillion in trading volume with 300 million users, with no indication of mass withdrawals. Despite current market uncertainties regarding interest rates and geopolitical tensions, Teng noted continued strong institutional investment in the crypto sector, indicating “smart money is deploying.”

(Source：CoinDesk)