Binance Co-CEO: "The '1011 Crash' Affected All Exchanges, Binance Is Not the Source of the Incident"

Binance Co-CEO Richard Teng stated at the Consensus HK conference that the "1011 crash" event was not triggered by Binance, but rather all exchanges globally experienced large-scale liquidations. Approximately 75% of the liquidations occurred around 21:00 Eastern Time, accompanied by isolated issues such as stablecoin de-pegging 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 approximately $150 billion in stock market liquidations, 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, and data did not show large-scale withdrawals from the platform.

He added that the market is temporarily affected by geopolitical and interest rate uncertainties, but institutions continue 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; although retail demand is relatively subdued, institutional deployments and corporate participation remain strong.