Binance Co-CEO Richard Teng Clarifies Oct 10 Crash Causes

2026-02-15 14:39

At Consensus Hong Kong 2026, Binance Co-CEO Richard Teng clarified the causes of the "Oct 10 Crash," attributing the mass liquidation to macroeconomic factors rather than a Binance-specific issue. Teng highlighted that U.S. 100% tariffs led to a $1.5 trillion loss in equities, while crypto liquidations amounted to $19 billion. Teng addressed concerns about the USDe depeg and transfer delays, emphasizing these occurred after the majority of liquidations and were not the crash's trigger. Despite this, Binance provided goodwill payments, although Teng reminded users that traders must accept market risks and should not expect full compensation.

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