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Binance Co-CEO Richard Teng: Oct. 10 crash was macro-led, not caused by USDe depeg

Binance Co-CEO Richard Teng said the Oct. 10 market crash was driven by macroeconomic factors, not by USDe's depeg, speaking at Consensus Hong Kong 2026 on Feb. 12. He cited U.S. 100% tariffs that wiped $1.5 trillion from equities and triggered $19 billion in crypto liquidations. Teng noted the USDe depeg and transfer delays occurred after most liquidations had already taken place and were not Binance-specific. He added Binance took full responsibility with goodwill payments and reiterated that traders also bear market risks.
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