[Binance CEO: '1011 Crash' Affected All Exchanges, Binance Not the Root Cause] According to CoinDesk, Binance Co-CEO Richard Teng stated at the Consensus Hong Kong conference that the cryptocurrency market liquidation event on October 11 last year was not triggered by Binance. However, following China's implementation of rare earth metal controls and the U.S. announcement of a new round of tariffs that day, all exchanges—whether centralized or decentralized—experienced large-scale liquidations. Approximately 75% of the liquidations occurred around 9 PM Eastern Time, alongside two unrelated, isolated incidents: the depegging of a stablecoin and 'some delays in asset transfers.' On the same day, the U.S. stock market lost $1.5 trillion in market value, with $150 billion in liquidations occurring in the U.S. stock market alone. The cryptocurrency market, being much smaller in scale, saw liquidations of approximately $19 billion, spread across all exchanges. Teng also responded by stating that Binance provided support to some affected users on that day, while other exchanges did not take similar actions. Citing data, Teng noted that Binance's trading volume reached $34 trillion last year, serving 300 million users, and the platform did not experience large-scale withdrawals. On a macro level, Teng believes that uncertainty in interest rate policies and geopolitical tensions continue to impact cryptocurrency prices, but institutions and enterprises are still entering the market. 'Retail demand has weakened compared to last year, but institutional deployment remains strong, and smart money is coming in,' he emphasized. Teng highlighted the importance of focusing on the structural evolution and foundational development of the industry over the past four to six years.