Binance not alone in seeing liquidations during Oct. 10 event, Binance CEO Teng says

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Binance not alone in seeing liquidations during Oct. 10 event, Binance CEO Teng says Every crypto exchange saw liquidations during the Oct. 10 liquidation event, Richard Teng told the crowd at CoinDesk's Consensus Hong Kong. By Nikhilesh De Feb 12, 2026, 8:33 a.m. Make us preferred on Google Binance Co-CEO Richard Teng (left) and Consensus Chairman Michael Lau (David Paul Morris/Consensus) Binance did not cause the crypto market liquidation event on Oct. 10, but every exchange — centralized or decentralized — saw massive liquidations that day after China imposed rare earth metal controls and the U.S. announced fresh tariffs, said Binance Co-CEO Richard Teng. About 75% of the liquidations took place around 9:00 p.m. ET, alongside two unrelated, isolated issues: a stablecoin depegging and "some slowness in terms of asset transfer," Teng said Thursday at CoinDesk's Consensus Hong Kong conference . STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . "The U.S. equity market plunged $1.5 trillion in value that day," he said. "The U.S. equity market alone saw $150 billion of liquidation. The crypto market is much smaller. It was about $19 billion. And the liquidation on crypto happened across all the exchanges." Some users were affected by this, which Binance helped support, he said, an action other exchanges did not take. Binance facilitated $34 trillion in trading volume last year, he said, with 300 million users. Trading data does not show that there were any massive withdrawals from the platform. "The data speaks for itself," he said. Speaking more broadly, Teng said the crypto market was tracking broader geopolitical tensions but that institutions are still pouring into the sector. "At the macro level, I think people are still uncertain about interest rate movements going forward," he said. "And there's always the trend of geopolitics, tension, etc. Those weigh on these assets such as crypto." However, long-term industry participants will have seen crypto's prices moving cyclically, he said, pointing to how the sector's changed in the past four to six years. "I think what we have to look at is the underlying development," he said. "At this point in time, retail demand is somewhat more muted compared to the past year, but the institutional deployment, the corporate deployment is still strong." Institutions are still entering the sector, even despite the market, he said, "meaning the smart money is deploying." Consensus Hong Kong 2026 Binance More For You OKX Ventures backs STBL in partnership with Hamilton Lane and Securitize By Ian Allison | Edited by Sheldon Reback 49 minutes ago The companies are joining forces to introduce an RWA-backed stablecoin on OKX’s Ethereum-compatible layer-2 blockchain, X Layer. What to know : The endeavor features a feeder fund to Hamilton Lane's Senior Credit Opportunities Fund (SCOPE), issued and tokenized via Securitize. STBL was co-founded by Reeve Collins, a co-founder of Tether, and tokenization pioneer Avtar Sehra. Read full story Latest Crypto News OKX Ventures backs STBL in partnership with Hamilton Lane and Securitize 49 minutes ago Trump-linked WLFI's Zak Folkman teases forex platform at Consensus Hong Kong 1 hour ago UK appoints HSBC for blockchain bond pilot 2 hours ago Cardano founder Charles Hoskinson says Midnight won't chase Monero, ZCash users 3 hours ago Strategy's STRC returns to $100, poised to unlock more bitcoin accumulation 4 hours ago Last week's rout delivered bitcoin's biggest realized loss ever; bottoming signals grow 5 hours ago Top Stories Charles Hoskinson confirms deal to onboard LayerZero on Cardano 6 hours ago Privacy-focused Midnight blockchain to go live next month, says Cardano's Charles Hoskinson 6 hours ago SEC's Paul Atkins grilled on crypto enforcement pull-back, including with Justin Sun, Tron 14 hours ago Institutional crypto platform BlockFills reportedly halts withdrawals, restricts trading 15 hours ago BlackRock exec says 1% crypto allocation in Asia could unlock $2 trillion in new flows 13 hours ago U.S. DOJ hits Paxful for $4 million in case tied to illegal sex work, money laundering 13 hours ago