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- The October 10 market crash followed global macro pressure, not exchange actions.
- Crypto liquidations remained small compared to losses in U.S. equities.
- Binance accepted responsibility for operational issues but not for market risk.
According to the report, Richard Teng addressed renewed debate over the October 10 crypto market crash during his appearance at Consensus Hong Kong 2026. He explained the crypto event through data, scale, and timing.
He stressed that global policy shocks shaped the outcome. Richard Teng rejected claims that internal exchange issues triggered the sell-off. Teng described October 10 as a day shaped by global pressure.
The United States announced full tariffs that morning. Equity markets reacted at once. Stocks lost about $1.5 trillion in value within hours. Forced selling followed across major indices. Liquidations in U.S. equities alone reached around $150 billion.
This scale defined the day. Crypto markets moved in the same direction but on a far smaller level. Total crypto liquidations reached about $19 billion. These liquidations spread across many exchanges. No single platform drove the outcome.
Richard Teng Compares Equity and Crypto Losses
Teng highlighted the difference in size to frame the debate. Equity losses dwarfed digital asset losses. The timing also matched global risk aversion. Investors reduced exposure across asset classes. This pattern reflected a macro event. It did not reflect a failure inside crypto markets.
As the largest trading platform, Binance sat at the center of attention. Teng acknowledged this position. He outlined the scale of operations to add context. The platform serves about 300 million users worldwide.
Trading volume reached $34 trillion last year. This figure stands several times higher than the nearest competitor. Such scale brings scrutiny during market stress. Teng noted that similar claims appeared during past shocks.
Each time, broader data told a different story. He emphasized that liquidations occurred across the market. They did not cluster on one venue. Automated risk systems acted as designed. They followed price movements rather than caused them.
Binance Addresses Post-Crash Issues
Teng also addressed two isolated issues. One involved a brief deviation in USDe value. Another involved slower asset transfers for users near liquidation levels. He explained the sequence clearly. These issues appeared after most liquidations had already finished. They did not trigger the crash.
Even so, Binance accepted responsibility for the operational impact. The firm issued goodwill payments to affected users. Initial compensation reached about $300 million in USDT. Binance later added another $300 million to support smaller retail traders. Teng said the response aimed to protect trust. However, confusion followed.
Some users expected full recovery of trading losses. Teng clarified the boundary. Exchanges can fix platform issues. Traders still carry market risk. He closed by returning to fundamentals. October 10 reflected global forces. Markets moved together. Data supports this view. Responsibility requires action, but risk remains part of trading.
Also Read: Bitcoin Slides to $60K as Tech Stocks Sink, Raising Fresh Store-of-Value Debate
