Binance Pushes Back: Oct. 10 Crypto Liquidations Were Market‑Wide, Not an Exchange Glitch

Binance pushes back: Oct. 10 liquidations were market-wide, not exchange-specific Binance’s co-CEO Richard Teng told attendees at CoinDesk’s Consensus Hong Kong that the large-scale liquidations on Oct. 10 were not caused by Binance, but were a broad market event that hit virtually every trading venue — centralized and decentralized alike. Teng said roughly 75% of crypto liquidations clustered around 9:00 p.m. ET that evening, coinciding with two isolated issues: a temporary stablecoin depeg and “some slowness in terms of asset transfer.” He framed the crypto sell-off in the context of broader markets and geopolitical news — China’s rare-earth metal controls and new U.S. tariff announcements — and noted huge moves in equities the same day. “The U.S. equity market plunged $1.5 trillion in value that day,” Teng said, adding that equities saw roughly $150 billion of liquidation compared with about $19 billion in crypto. “And the liquidation on crypto happened across all the exchanges.” Teng also stressed that while some Binance users were affected, the exchange actively supported impacted customers — an assistance he implied was not universal across other platforms. He pointed to Binance’s scale as context: the firm reported facilitating $34 trillion in trading volume last year and serving 300 million users. According to Teng, trading and on-chain data do not show any mass withdrawals from Binance around the event. “The data speaks for itself,” he said. Wider market backdrop and institutional flows On macro drivers, Teng said markets remain sensitive to interest-rate uncertainty and geopolitical tensions — factors that disproportionately influence volatile assets like crypto. Still, he argued that the market’s longer-term picture is shaped more by structural developments than short-term headline risks. “Retail demand is somewhat more muted compared to the past year, but the institutional deployment, the corporate deployment is still strong,” Teng said, asserting that professional capital is continuing to flow into the sector. “Meaning the smart money is deploying.” Key takeaways - Roughly 75% of crypto liquidations during the Oct. 10 event occurred around 9:00 p.m. ET, alongside a stablecoin depeg and transfer slowness. - Teng contrasted $150 billion of equity liquidations with about $19 billion in crypto that day, arguing the sell-off was market-wide. - Binance says it helped affected users and sees no evidence of massive withdrawals; the company cited $34 trillion in trading volume last year and 300 million users. - Despite short-term volatility and muted retail demand, Teng believes institutional and corporate investment into crypto remains robust. Read more AI-generated news on: undefined/news