Binance CEO denies responsibility for XRP liquidations
Binance had some of the worst prices and biggest liquidations for many digital assets on October 10, but its CEO wants to blame Trump’s tariffs.
Even though Binance was the epicenter of an auto-deleveraging (ADL) liquidation on October 10-11, 2025 that crashed prices of all digital assets, executives are on damage control to deny responsibility for knock-on effects that hit XRP.
Earlier today, on stage at a Coindesk conference in Hong Kong, co-CEO Richard Teng blamed Donald Trump’s tariff announcement – not Binance’s failures – for the 10/10 market crash.
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Market Context
Despite flash-crashes on certain trading pairs exceeding 99.9% and voluntary payouts of hundreds of millions of dollars to traders who lost money on October 10-11, 2025, Binance founder CZ and co-CEOs Richard Teng have repeatedly blamed Trump’s tariff announcement for losses that day.
They acknowledge Binance’s pricing oracles had issues that day, Ethena USD depegged and drained cross-margin accounts, Cosmos’ native token crashed 99.9% on Binance alone, and a host of other idiosyncratic problems with Binance’s exchange.
Nonetheless, they deny responsibility for knock-on effects that dragged down the price of major crypto bluechips like bitcoin, ether, and XRP.
News
Brad Garlinghouse said, “there will be a trillion dollar crypto company… Ripple has the opportunity to be that company.” (X)
Binance co-CEO Richard Teng denies responsibility for the October 10-11 crash in major crypto assets like XRP. (Coindesk)
EU seeks full Russia crypto ban (FT)
House Democrats grill SEC chairman on Tron, Binance leniency (TheBlock)
Malaysia pilots tokenized settlements (Bnm.gob.my)
UK picks HSBC for digital gilt pilot program (Gov.uk)
DOJ fines Paxful $4M for BSA violation (Justice.gov)
ABA urges US Office of the Comptroller of the Currency to slow crypto charters (American Bankers Association)
SBF claims DOJ silenced witnesses (X)
Hong Kong okays margin financing and perp trading (Sfc.hk)
World Liberty Financial launching FX & remittance (Reuters)
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