BEARISH 📉 : Binance denies role in $19B crypto liquidation wave

Binance is refuting allegations that it was responsible for a significant liquidation event in the crypto market on October 10, which saw approximately $19 billion in positions wiped out.

Binance co-CEO Richard Teng stated that the selloff affected the entire digital asset ecosystem, not just Binance.
Teng attributed the market volatility to macroeconomic and geopolitical factors, such as US tariffs on China and uncertainty in global financial markets.
He noted similar liquidation spikes occurred across both centralized and decentralized exchanges.
Despite user losses, Binance provided support to affected customers, unlike some other exchanges.
No abnormal mass withdrawals or internal technical failures were reported during the incident.

SAFU Fund Developments

Binance completed a $1 billion Bitcoin purchase for its Secure Asset Fund for Users (SAFU), acquiring 4,545 BTC worth approximately $304.58 million.
The fund's total holdings now stand at 15,000 BTC, valued at about $1.005 billion.
If the fund’s value falls below $800 million, Binance will replenish it back to $1 billion automatically.

Institutional investment in digital assets remains strong, even as retail demand has decreased compared to last year. Binance's native token, BNB, is trading at $605, with recent losses of 5% over the past week and 29% over the past two weeks.