TechFlow News, February 12: According to a CoinDesk report, Richard Teng, Binance’s Co-CEO, stated at the Hong Kong Consensus conference that the cryptocurrency market liquidation event on October 11 was not triggered by Binance. Rather, it occurred across all centralized and decentralized exchanges following China’s implementation of rare-earth metal controls and the U.S. announcement of new tariffs.
Teng noted that approximately 75% of the liquidations took place at 9 p.m. Eastern Time that day, coinciding with two unrelated, isolated issues: stablecoin de-pegging and “some slowness in asset transfers.” On that day, the U.S. stock market lost $1.5 trillion in market capitalization, with $150 billion in liquidations occurring solely within U.S. equities. In contrast, the smaller cryptocurrency market experienced roughly $19 billion in liquidations, distributed across all exchanges.
Teng added that Binance facilitated $34 trillion in trading volume last year and serves 300 million users; transaction data shows no mass withdrawals from the platform. He also stated that while retail demand has relatively weakened, institutional deployment remains robust.
