Binance Co-CEO: "October 11 Crash" Affected All Exchanges, Binance Was Not the Root Cause

Odaily News: Binance Co-CEO Richard Teng stated at the Consensus HK conference that the "October 11 crash" was not triggered by Binance, but rather involved large-scale liquidations experienced by all exchanges globally. Approximately 75% of the liquidations that day occurred around 21:00 Eastern Time, accompanied by isolated issues such as stablecoin depegging and delays in asset transfers.

Teng pointed out that on that day, the U.S. stock market's market capitalization fell by about $1.5 trillion, with stock market liquidations amounting to roughly $150 billion, while the total crypto market liquidations were about $19 billion, affecting all exchanges. Binance provided support to affected users, whereas other exchanges did not take similar measures. Last year, Binance's trading volume reached $34 trillion with 300 million users, and data did not indicate large-scale withdrawals from the platform.

He added that the market is affected in the short term by geopolitical and interest rate uncertainties, but institutions continue to enter the crypto market, indicating that "smart money" is still positioning. Teng emphasized that long-term participants should focus on the fundamental development of the crypto industry; while retail demand is relatively subdued, institutional deployment and corporate participation remain strong. (CoinDesk)