Every crypto exchange recorded liquidations during the October 10th event, Richard Teng stated at CoinDesk's Consensus Hong Kong conference.
Binance's co-CEO asserted that Binance was not the cause of the wave of liquidations in the crypto market on October 10th. According to him, both Centralized Exchange and decentralized exchanges (DEXs) witnessed large-scale liquidations after China imposed controls on rare earth metals and the US announced new tariffs.
Approximately 75% of the liquidations occurred around 9 PM (ET), coinciding with two separate, unrelated incidents: a stablecoin losing its price Peg and a delay in asset transfers.
“The total value of the US stock market evaporated by $1.5 trillion that day,” Teng said. “The US stock market alone saw $150 billion liquidated. The crypto market was much smaller, around $19 billion, and liquidations occurred across all exchanges.”
He added that some users were affected and Binance supported them — something he said not all exchanges do.
Last year, Binance processed $34 trillion in volume with 300 million users, and transaction data did not show any large-scale withdrawals from the platform.
"The data speaks for itself," he emphasized.
From a broader perspective, Teng argues that the crypto market is reflecting global geopolitical tensions and interest rate uncertainty. However, institutional Capital continues to flow into the sector.
“At the macro level, people are still uncertain about the upcoming interest rate trend. Geopolitical tensions are also putting pressure on assets like crypto,” he said.
However, Teng emphasized that over the past 4–6 years, long-term market participants have observed that crypto prices move in cycles. Currently, demand from retail investors is somewhat subdued compared to last year, but Capital flows from institutions and businesses remain strong.
"That means 'smart money' is still deploying Capital," he concluded.
