🚨 Binance Co-CEO Richard Teng: Oct. 10 Crypto Crash Was Macro, Not Binance

Key Takeaways:

• ~$19B in crypto liquidations hit across centralized & decentralized exchanges

• ~75% of liquidations occurred ~9:00 PM ET, coinciding with a temporary stablecoin depeg and transfer delays

• Binance saw no mass withdrawals; actively supported affected users

• Institutional & corporate participation remains strong, even as retail demand softens

Macro Drivers:

New U.S. tariffs on China

China’s rare earth export controls

Interest rate & geopolitical uncertainty

Market Context:

Crypto liquidations dwarfed by $1.5T U.S. equity losses same day

Volatility tied to global risk sentiment, not exchange failure

Institutional Flow:

“Smart money” continues deploying despite short-term chaos

Binance highlights ~$34T annual trading volume across 300M users

Bottom Line:

Oct. 10 sell-off = macro shock event, not a Binance-specific issue. Retail may fear, but institutions keep accumulating.

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