Binance Co-CEO Richard Teng insisted that the crypto market collapse on October 10 was caused by global macroeconomic shocks, not by centralized exchanges like Binance.
Speaking Thursday at CoinDesk’s Consensus Hong Kong conference, Teng said the event wiped out $19 billion in leveraged positions across crypto markets. He argued that liquidations occurred simultaneously on both centralized and decentralized platforms.
Teng linked the October market selloff to geopolitical tensions, citing US tariffs on China and Beijing’s export restrictions on rare-earth metals. According to the Binance lead, those developments completely flipped the sentiment of a market that had already begun showing signs of weakness.
