During the recent turbulence in the cryptocurrency market on October 10, Binance, the world’s largest exchange by volume, acknowledged having faced serious operational problems that affected thousands of users. In the midst of a day marked by record liquidations and unprecedented volatility, The platform presented technical errors that prevented the correct execution of ordersgenerated delays in withdrawals, caused inconsistencies in the visible balances in the accounts and inaccessibility in the mobile app and the main website during critical hours. The episode coincided with a temporary collapse of several stablecoins, including USDe, which fell as much as 65 cents against the dollar, amplifying the chaos in the market. Binance CEO Richard Tengapologized publicly to the affected users and assured that the technical team is working to prevent a similar incident from happening again.
The last 24 hours have been turbulent for the crypto market, and I know many of you faced challenges on our platform. I’m truly sorry to everyone who was impacted.We don’t make excuses — we listen closely, learn from what happened, and are committed to doing better. If you’re…— Richard Teng (@_RichardTeng) October 11, 2025
«We deeply regret the inconvenience caused. We do not offer excuses: we listen to the community, we learn from what happened and we improve,» Teng said on his official X account.
Failures in Binance internal systems
The CEO explained that the main cause was the extreme trading volume during the crash. This would have overloaded the exchange’s internal systems. He also reported that the platform will evaluate possible compensation for those who have suffered losses directly attributable to technical failures of the platform, clarifying that losses derived from the market’s own volatility will not be compensated. For her part, Yi He, co-founder of Binanceconfirmed that the problems were caused by a massive flow of simultaneous transactions and urged affected users to contact technical support using a “Case ID” so that each case can be reviewed individually. The executive emphasized that the problems have already been corrected and that the system’s stability mechanisms will be reinforced. “We understand the frustration of traders and we are committed to reviewing each situation with transparency and responsibility,” he said. The event occurred in a context of great instability in the ecosystem, with more than $20 billion in long positions liquidated in 24 hours.
They demand serious investigation against CEX
Amid the market collapse and widespread online complaints, Crypto.com CEO Kris Marszalek called for financial authorities to investigate major centralized exchanges. Through X, Marszalek questioned whether some platforms slowed their operations or altered prices while processing billions in liquidated positions. In this sense, he specifically mentioned Binance, Bybit and Hyperliquid as those most responsible for the volume.