Binance’s defense on October 10 during the Consensus Hong Kong conference fails to deliver

Richard Ting, co-CEO of Binance, defended the exchange against claims that it was responsible for the collapse of the cryptocurrency on October 10, 2025, known as the “10/10 Crash”, which saw almost $19 billion liquidated.

Ting stated during CoinDesk’s “Consensus Hong Kong” conference on February 12, 2026 that the sell-off was caused by factors other than any specific failure of Binance.

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Richard Ting explains the Binance side of the October 10 collapse story

He indicated Co-CEO of Binance To the macroeconomic and geopolitical shocks between the United States and China. He specifically said:

• New tariff threats from the US, including potential 100% tariffs on Chinese imports, and
• China imposes restrictions on the export of rare metals.

He explained that this combination has changed the perception of risks in the world, It caused group ratings In all platforms, whether central or decentralized.

Ting told CoinDesk that the US stock market lost $1.5 trillion in value that day. The US stock market alone saw a liquidation of $150 billion. The digital currency market is much smaller. As the value of the liquidations amounted to about 19 billion dollars. These ratings are happening on all cryptocurrency exchange platforms.

The majority of ratings (about 75%) occurred around 9:00 PM EST, coinciding with the release of macroeconomic news.

Ting admitted that there were some minor issues with the platform during the event, including… Stablecoin Decoupling (USDe) Temporary slowdown in asset transfer.

Binance Co-CEO Richard Teng said crypto liquidations of around $19B on October 10 were driven by US macro shocks, not Binance.

He noted that every major exchange saw liquidations during the event. pic.twitter.com/cdYKaTGfBe

– BeInCrypto (@beincrypto) February 12, 2026

However, he stressed that these problems were not related to the general collapse of the market. He also insisted that Binance would support affected users, including compensating some of them.

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He added that trading data showed no evidence of a massive withdrawal from the platform.

Reports have shown that last year, Binance facilitated trades worth $34 trillion, and provided its services to more than 300 million users.

It should be noted that the October 10 collapse has been a recurring cause for FUD to raise concerns about Binance in recent months. Even the platform It has faced criticism from many partiesThe most violent attacks were from The rival platform OKEx and its CEO Star Show.

No complexity. No accident.
10/10 was caused by irresponsible marketing campaigns by certain companies.

On October 10, tens of billions of dollars were liquidated. As CEO of OKX, we clearly observed that the microstructure of the crypto market changed fundamentally after that day… pic.twitter.com/N1VlY4F7rt

– Star (@star_okx) January 31, 2026

Traders reject Ting’s explanation for macroeconomic shock amid $19 billion liquidation on 10/10

Despite Ting’s detailed defense, merchants on social media responded quickly and critically. Users on Twitter

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A user said of challenge Link here Blaming macro shocks has become “the new dysfunction”. $19 billion was liquidated, and somehow no one at Binance takes responsibility (laughs).

Skeptics went further, with some users comparing Ting’s claims to vernacular comments in harsh criticism.

Another user said away Link here “It wasn’t us, it was the general market” is the crypto trading platform’s version of “the dog ate my homework”. $19 billion has been liquidated, and each platform points to the next platform.

Most of the responses centered on allegations of manipulation of API responses and questioning Binance’s internal coordination. The prevailing point is that users feel that the platform is not completely transparent.

This violent response demonstrates the ongoing tension between centralized platforms and leveraged traders during extreme volatility events.

Although demand from individuals has slowed compared to previous years, Ting explained that institutional and corporate participation in the crypto space remains strong.

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Institutions are still entering the sector, which means “smart money” is still making investments, Ho said.

Ting also linked the 10/10 event to being part of a broader cyclical pattern in the crypto markets. He emphasized that fundamental developments in the sector continue despite short-term disruptions, and that institutional capital establishes long-term trust.

The platform always faces a double challenge:

• It needs to defend its role during unprecedented market pressures
• Binance must also regain the trust of a skeptical trading community.

As the $19 billion liquidation wiped out positions in the market, the debate continues over who should be held responsible. This is to be expected, given the fragility of trust in leveraged trading in the crypto market.