Market dislocations often trigger competing narratives about responsibility and cause. Crypto exchange Binance published a blog post on Jan. 30, directly pushing back against claims that its systems triggered the October crypto flash crash and asserting that macroeconomic forces and market structure dynamics drove the sell-off.

“On October 10, 2025, the crypto market faced a macro shock. While some placed the blame on a Binance glitch, the reality was that cascading liquidations were driven by macro risks from highly leveraged positions, market makers’ risk controls limiting liquidity, and Ethereum network congestion delaying transfers,” the blog post states.

Binance outlines how trade-war headlines sparked a synchronized global risk-off move after months of rising asset prices and expanding leverage across crypto derivatives. Bitcoin futures and options open interest exceeded $100 billion, leaving markets vulnerable to forced deleveraging once prices began to fall. As volatility surged, market makers’ automated risk controls sharply reduced exposure, pulling liquidity from order books and amplifying price moves. The post stresses that the shock extended well beyond digital assets, emphasizing:

“The impact wasn’t confined to crypto: U.S. equity markets shed roughly $1.5 trillion in value that day, with the S&P 500 and Nasdaq enduring their largest single-day drops in six months and $150 billion in systemic liquidations.”

Read more: Binance: Crypto Breaks out of Retail Era as Institutions Lock in Long-Term Exposure

The crypto platform forcefully rejects the claim that exchange-specific failures caused the crash. The blog post explains: “The October 10 dislocation was a systemic, macro-driven risk-off move. That said, we acknowledge that parts of the Binance platform experienced temporary strain under extreme market conditions and have compensated impacted users, and strengthened safeguards.”

It further emphasizes:

“Importantly, Binance’s platform-specific issues did not cause the flash crash.”

“With the highest- volatility window between 21:10–21:20 UTC, roughly 75% of the day’s liquidations had already taken place before the widely-reported three-token depeg (USDe, BNSOL, WBETH) occurred at 21:36 UTC,” Binance added.

Independent data from Kaiko and Amberdata shows that while macro events sparked the initial dip, a localized oracle failure on Binance accelerated the collapse. Between 21:36 and 22:16 UTC, USDe crashed to $0.65 exclusively on Binance while remaining stable at $0.99 elsewhere. This phantom depeg occurred because the pricing engine used the exchange’s own internal spot books, which had thinned out, rather than global market aggregates. This revalued the collateral for users in the Unified Account system at artificial price points, triggering a secondary wave of liquidations.

The company details two contained incidents involving a brief slowdown in an internal asset-transfer subsystem and short-lived index deviations during periods of severely thinned liquidity, both resolved through infrastructure upgrades, tighter index methodology, and full user compensation exceeding $328 million. Binance also points to additional goodwill and lending initiatives as evidence of a proactive, user-focused response rather than a defensive explanation.

• What does Binance say caused the October crypto flash crash?
  Binance says macroeconomic shocks, high leverage and liquidity withdrawal — not a platform glitch — triggered cascading liquidations.
• Did Binance admit to any platform issues during the crash?
  Binance acknowledged temporary strain under extreme conditions and said all affected users were fully compensated.
• How much leverage was in the crypto market before the sell-off?
  Binance noted bitcoin futures and options open interest exceeded $100 billion ahead of the crash.
• Why does Binance say the three-token depeg was not the trigger?
  The exchange says most liquidations occurred before the USDe, BNSOL, and WBETH depegs.

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