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Binance CEO Teng states that other platforms also experienced liquidations during the event on October 10.
Every cryptocurrency exchange experienced liquidations during the October 10 liquidation incident, Richard Teng informed attendees at CoinDesk’s Consensus Hong Kong.
Binance Co-CEO Richard Teng (left) and Consensus Chairman Michael Lau (David Paul Morris/Consensus)
While Binance did not instigate the crypto market liquidation on October 10, every exchange, whether centralized or decentralized, experienced significant liquidations that day due to China’s implementation of rare earth metal regulations and the U.S. announcing new tariffs, according to Binance Co-CEO Richard Teng.
Approximately 75% of the liquidations occurred around 9:00 p.m. ET, coinciding with two unrelated, isolated incidents: a stablecoin losing its peg and “some delays in asset transfers,” Teng stated Thursday at CoinDesk’s Consensus Hong Kong conference.
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“That day, the U.S. equity market dropped by $1.5 trillion in value,” he remarked. “The U.S. equity market alone experienced $150 billion in liquidations. The crypto market, being much smaller, accounted for approximately $19 billion in liquidations, which occurred across all exchanges.”
Some users were impacted by this, and Binance provided assistance, a measure not taken by other exchanges, he noted.
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Last year, Binance recorded a trading volume of $34 trillion, he mentioned, with 300 million users. Trading data indicates there were no significant withdrawals from the platform.
“The data reflects the situation,” he stated.
In a broader context, Teng observed that the crypto market is influenced by larger geopolitical tensions, yet institutions continue to invest in the sector.
“On a macro level, there remains uncertainty regarding future interest rate changes,” he commented. “Additionally, ongoing geopolitical tensions weigh on assets like crypto.”
However, he noted that long-term participants in the industry have observed cyclical price movements in crypto, highlighting changes in the sector over the past four to six years.
“We must focus on the underlying developments,” he stated. “Currently, retail demand appears more subdued compared to the previous year, but institutional and corporate investments remain robust.”
Institutions continue to enter the market despite current conditions, he stated, “indicating that smart money is being deployed.”
