Binance Co-CEO: The "October 11th Crash" affected all exchanges; Binance was not the root cause.

Binance Co-CEO Richard Teng stated at the Consensus HK conference that the "1011 crash" was not triggered by Binance, but rather involved massive liquidations across all exchanges globally. Approximately 75% of the liquidations occurred around 9:00 PM Eastern Time that day, accompanied by isolated issues such as stablecoin decoupling and asset transfer delays. Teng pointed out that the US stock market capitalization fell by approximately $1.5 trillion that day, with stock market liquidations accounting for about $150 billion, while the total liquidation in the crypto market was about $19 billion, affecting all exchanges. Binance provided support to affected users, while other exchanges did not take similar measures. Last year, Binance's trading volume reached $34 trillion, with 300 million users; data does not show a large-scale withdrawal on the platform. He added that the market was affected in the short term by geopolitical and interest rate uncertainties, but institutions continued to enter the crypto market, indicating that "smart money" is still positioning itself. Teng emphasized that long-term participants should focus on the fundamental development of the crypto industry; while retail demand was relatively weak, institutional deployment and corporate participation remained strong. (CoinDesk)