Binance’s October 10 Defense at Consensus Hong Kong Falls Flat

At CoinDesk's Consensus Hong Kong conference, Binance Co-CEO Richard Teng defended the exchange against accusations that it caused the October 10, 2025, crypto crash, which resulted in approximately $19 billion in liquidations. Teng attributed the massive sell-off to macroeconomic and geopolitical shocks, specifically new US tariff threats and China's rare-earth export controls, which he claimed flipped global risk sentiment and triggered liquidations across all exchanges, noting the US equity market lost $1.5 trillion that day.

Teng acknowledged minor platform issues, like a USDe stablecoin depegging, but insisted they were unrelated to the broader collapse and confirmed trading data showed no mass withdrawal from Binance. Despite his defense, traders on social media strongly rejected the 'macro shock' explanation, accusing Binance of engineering liquidations and questioning internal transparency, with some comparing the excuse to 'the dog ate my homework.'

The incident continues to fuel FUD against Binance, particularly from rivals like OKX. Teng's challenge is twofold: defending the exchange's role during the stress event and restoring trust with a skeptical community, even as he noted strong institutional participation continues to enter the sector.

(Source：BeInCrypto)