Binance October 10 Defense At Consensus Hong Kong Faces Doubt From Traders

TLDR

• Binance says US China tensions triggered $19B crypto liquidations.
• Richard Teng denies exchange failure at Consensus Hong Kong.
• About 75 percent of liquidations hit around 9 pm ET.
• Traders allege API issues and reject macro shock explanation.

A $19 billion crypto liquidation event remains under scrutiny months later. Binance’s defense at Consensus Hong Kong has failed to calm critics.

At CoinDesk’s Consensus Hong Kong on February 12, 2026, Binance Co-CEO Richard Teng addressed the October 10, 2025 market crash. The event, known as the “10/10” crash, led to roughly $19 billion in liquidations across the crypto market. Teng rejected claims that Binance triggered or worsened the sell-off.

He said the crash followed macroeconomic and geopolitical shocks between the United States and China. Teng pointed to fresh US tariff threats and China’s rare-earth export controls. He argued these developments shifted global risk sentiment and drove rapid selling across markets.

Binance Cites Global Market Turmoil

Teng stated that the sell-off was not limited to crypto exchanges. He said the US equity market lost about $1.5 trillion in value that day. According to him, US equities saw $150 billion in liquidations.

“The crypto market is much smaller,” Teng said. “It was about $19 billion. And the liquidation on crypto happened across all the exchanges.”

He added that around 75 percent of crypto liquidations occurred near 9:00 p.m. Eastern Time. This timing matched the release of major macroeconomic news. Teng argued that this pattern shows a broad market reaction rather than a platform failure.

Teng acknowledged that Binance experienced minor technical issues. These included a temporary depegging of the stablecoin USDe and slower asset transfers. However, he said these issues were not connected to the wider market collapse.

He also said Binance reviewed trading data after the crash. “…trading data showed no evidence of a mass withdrawal from the platform,” Teng stated during the event.

Traders Question Transparency

Despite the explanation, traders on social media platforms have pushed back. Many users on X questioned Binance’s account of events. Some alleged that APIs were locked during peak volatility.

Several traders claimed that these actions forced liquidations. Others accused the exchange of shifting blame to macroeconomic events. One user wrote, “Blaming macro shocks is the new ‘it was a glitch.’ $19B liquidated and somehow nobody at Binance is responsible.”

Another user compared the explanation to avoiding responsibility. Critics also raised concerns about alleged fake API responses. These claims have not been independently verified.

The backlash shows ongoing tension between centralized exchanges and leveraged traders. During volatile periods, trust can weaken quickly. Binance now faces continued scrutiny over transparency and communication.

Institutional Growth and Market Cycles

Teng also spoke about broader market trends during the conference. He said institutional and corporate participation in crypto remains strong. “Institutions are still entering the sector,” Teng said. “Meaning the smart money is deploying.”

He noted that retail demand has cooled compared to earlier cycles. However, he framed the 10/10 event as part of a recurring market pattern. According to Teng, crypto markets have faced similar sharp corrections before.

Binance reported facilitating $34 trillion in trading volume last year. The exchange also said it serves more than 300 million users globally. These figures were cited to show scale and operational capacity.

Still, questions remain among parts of the trading community. Binance must address concerns while operating in a high-leverage environment. The October 10 crash continues to shape debate about accountability in crypto markets.

As discussions persist, Binance’s October 10 defense at Consensus Hong Kong has not ended the controversy. The debate over the $19 billion liquidation event remains active across the industry.

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