Binance co-CEO Richard Teng clarified that the October 11th market crash, which saw significant liquidations across all exchanges, was not initiated by Binance. Speaking at the Consensus Hong Kong conference, Teng attributed the crash to geopolitical factors, including China's rare earth metal controls and new US tariffs, which triggered widespread liquidations. Approximately 75% of these liquidations occurred around 9 PM Eastern Time, alongside a stablecoin de-pegging and asset transfer delays. Teng highlighted that the US stock market lost $1.5 trillion in market capitalization, with $150 billion in liquidations, while the cryptocurrency market saw $19 billion in liquidations. He noted that Binance supported affected users during the crash, unlike other exchanges. Despite the challenges, Teng reported Binance's robust performance with $34 trillion in trading volume last year and 300 million users, emphasizing ongoing institutional interest in the crypto market despite weakened retail demand.