Binance Co-CEO Richard Teng Responds to $19B “10/10” Crypto Crash Liquidations

Binance Co-CEO Richard Teng has pushed back against allegations that the exchange played a central role in the October 10, 2025 “10/10” crypto crash, which triggered approximately $19 billion in liquidations across the digital asset market. Speaking at CoinDesk’s Consensus Hong Kong conference on February 12, 2026, Teng argued that the sharp sell-off was primarily driven by global macroeconomic and geopolitical shocks rather than any Binance-specific failure.

According to Teng, renewed US-China tensions sparked widespread market panic. He pointed to fresh US tariff threats, including potential 100% duties on Chinese imports, alongside China’s rare-earth export restrictions. These developments, he said, severely impacted global risk sentiment. On the same day, the US stock market reportedly lost $1.5 trillion in value, with $150 billion in equity liquidations. By comparison, the crypto market—though highly volatile—recorded $19 billion in liquidations across centralized and decentralized exchanges.

Teng noted that nearly 75% of crypto liquidations occurred around 9:00 p.m. ET, coinciding with the release of major macroeconomic news. While he acknowledged minor technical issues on Binance, including temporary asset transfer delays and a brief USDe stablecoin depegging, he maintained that these incidents were not responsible for the broader market crash. He also stated that Binance compensated certain affected users and emphasized that trading data showed no signs of mass withdrawals from the platform.

Despite the explanation, crypto traders on social media remain skeptical. Some users accused Binance of API disruptions and insufficient transparency, rejecting the “macro shock” narrative. Critics argue that centralized exchanges must take greater accountability during extreme volatility events.

Teng, however, stressed that institutional adoption remains strong, with over 300 million Binance users and $34 trillion in annual trading volume last year. He described the 10/10 crypto crash as part of a broader market cycle, underscoring continued long-term confidence in digital assets despite short-term turbulence.