Binance CEO Richard Teng Pins $19B Liquidation on Macro Shocks

Binance CEO Richard Teng said at Consensus Hong Kong that the roughly $19 billion liquidation wave on Oct. 10, 2025 was driven primarily by macroeconomic and geopolitical shocks, not by internal exchange dysfunction. He stressed that the stress event was unusually time-compressed, with about 75% of liquidations clustering around 9:00 p.m. ET.