Richard Teng rejects claims Binance fueled market turmoil
Global cryptocurrency markets were roiled on Oct. 10 by a wave of liquidations that rippled across trading platforms, but Binance did not trigger the selloff, according to Co-CEO Richard Teng.
Speaking at CoinDesk’s Consensus Hong Kong conference, Teng said the event stemmed from broader geopolitical shocks — including China’s rare earth metal controls and fresh U.S. tariffs — rather than actions by any single exchange.
Liquidations hit across markets
Roughly 75% of crypto liquidations occurred around 9:00 p.m. ET, Teng said, coinciding with two unrelated technical disruptions: a stablecoin depegging and “some slowness in terms of asset transfer.”
“The U.S. equity market plunged $1.5 trillion in value that day,” Teng noted. “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.”
He emphasized that both centralized and decentralized platforms experienced heavy liquidations during the episode, pushing back against suggestions that Binance played a unique role in amplifying the volatility. While some users were affected, Teng said Binance stepped in to support impacted customers — an action he indicated other exchanges did not take.
Binance remains the world’s largest crypto exchange by trading volume. Teng said the platform facilitated $34 trillion in trading activity last year and serves 300 million users. He added that platform data did not show unusual withdrawal patterns during the turbulence. “The data speaks for itself,” he said.
Macro pressures and institutional demand
Beyond the immediate market event, Richard Teng framed the selloff within a broader macroeconomic backdrop.
“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.”
He acknowledged that retail participation has softened compared with last year but argued that institutional interest remains robust. “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,” Teng said. Institutions are continuing to enter the market, he added, “meaning the smart money is deploying.”
Cycles and long-term trends
Teng also underscored crypto’s cyclical nature, suggesting seasoned investors recognize the pattern of sharp corrections followed by renewed growth.
“I think what we have to look at is the underlying development,” he said, pointing to continued infrastructure expansion and corporate adoption despite short-term volatility.
Read also: Brian Armstrong sells $101 million in Coinbase shares as COIN falls over 60%
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