The alpaca hasn't dropped; it really has nothing to do with Binance. There are just major players propping up the spot prices on Binance, and they probably control at least 70% of the supply.

In the last hour, the alpaca delisted the contract, and there are always 30,000 to 50,000 spot buy orders without any huge sell orders crashing the market. It can't drop, and this is within the trading rules. Binance doesn't have any issues here and hasn't done anything wrong; everything is just being matched by the market itself.