Binance co-CEO says last October's mass liquidations affected all exchanges

Last year's historic mass liquidation event on Oct. 10 was not limited to Binance, co-CEO Richard Teng said at Consensus Hong Kong, CoinDesk reported. He explained that a market downturn following China's implementation of rare earth controls and the announcement of new U.S. tariffs triggered massive liquidations across all exchanges. Teng noted that issues such as stablecoin depegging and delays in asset transfers compounded the problem. On that day, the U.S. stock market saw $1.5 trillion in market capitalization evaporate and $150 billion in liquidations, compared to $19 billion in liquidations in the crypto market. Teng emphasized that Binance, unlike other exchanges, provided some support to affected users. He added that while macroeconomic uncertainty and geopolitical tensions are currently affecting the market, institutional demand remains strong.