Binance CEO Speaks Out About Allegations That Binance Was Behind the October 10 Crypto Crash! Here Are His Statements

Richard Teng, who took over as Binance CEO after founder CZ stepped down, spoke about the massive “10.10 crash” that occurred last October. Teng denied allegations that Binance was responsible for the mass liquidation that rocked the crypto market.

Speaking at the Consensus Hong Kong event, Binance CEO Richard Teng said that Binance was not directly responsible for the massive cryptocurrency liquidation on October 10, and that the mass liquidations affected all exchanges.

Richard Teng stated that the historic mass liquidation event that occurred on October 10 last year was not limited to Binance alone.

Following China’s implementation of controls on rare earth elements and the US’s announcement of new tariffs, the market experienced massive declines, leading to large-scale liquidations across all exchanges.

At this point, Teng emphasized that, unlike other exchanges, Binance provided some support to affected users.

Teng noted that approximately 75% of liquidations stem from issues such as stablecoins losing their stable value and delays in asset transfers, with most occurring within a short timeframe.

That day, while $150 billion worth of liquidations occurred in the US stock market, the figure for the cryptocurrency market was $19 billion.

Binance CEO noted that macroeconomic uncertainty and geopolitical tensions continue to impact the market, but institutional demand remains strong.

*This is not investment advice.

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