Binance Co-CEO: On October 11th, all trading platforms experienced a large-scale liquidation event, and Binance's technical issue was unrelated to the crash

BlockBeats News, February 12th, Binance CEO Richard Teng stated at the Consensus Hong Kong conference that the cryptocurrency market clearing event on October 10th (1011) was not caused by Binance. Instead, following China's implementation of rare earth metal control and the US announcement of new tariffs, every exchange platform (both centralized and decentralized) experienced a large-scale clearing on that day.

Richard Teng said that about 75% of the clearing occurred around 9:00 PM Eastern Time in the US that day, accompanied by two unrelated and isolated technical issues: a stablecoin USEe's unpegging and some delays in "asset transfers."

"On that day, the US stock market lost $15 trillion," Richard Teng said, "with $1.5 trillion in clearing just in the US stock market. The cryptocurrency market is much smaller, around $19 billion."

"At a macro level, I think people are still uncertain about the future direction of interest rates," Richard Teng said. "Geopolitical and tense trends always exist. These factors indeed create pressure on assets like cryptocurrencies. I believe what we should focus on is the underlying development. At the current juncture, retail demand has indeed weakened compared to the past year, but institutional deployment and corporate deployment remain strong."

Richard Teng added that even in an unfavorable market environment, institutions continue to enter this field — "this means that smart money is entering the market."