Binance CEO Speaks Out About Allegations That Binance Was Behind the October 10 Crypto Crash! Here Are His Statements

When founder CZ resigned, Richard Teng (who became Binance CEO) spoke about the huge “10” of words. last October’s 10 crash” which was 10. But Teng has denied claims that Binance was behind the mass liquidation that smashed the crypto market.

According to Binance CEO Richard Teng, speaking at the Consensus Hong Kong event, “It isn’t just BinANCE that was behind the massive cryptocurrency liquidation on October 10 and that the mass liquidations affected all exchanges.”

According to Richard Teng, “the historical mass lichidation that took place on October 10 last year was not just Binance alone.”

After Chinese imposed controls on rare earth elements and the US announced new tariffs, the market suffered massive declines; this led to large-scale liquidations across all exchanges.

At this point, Teng emphasized that, unlike other exchanges, Binance provided some support to affected users.

• ‘During the October mass liquidation’, selling pressure arose in all exchanges of cryptocurrencies during which there was no shortage. Some users suffered losses due to the mass liquidations, and Binance supported these users. By comparison, other exchanges did not take such measures. , ” and.

According to Teng, about 75 per cent of liquidations are based on problems like stablecoins losing their value and delays in asset transfers (most within a very short time frame).

That day, $150 billion worth of liquidations were in the US stock market; $19 billion for the cryptocurrency market was that.

Binance CEO noted that macroeconomic uncertainty and geopolitical tensions continue to impact the market, but institutional demand remains strong.

Despite recent market downturns, institutional investors continue to enter crypto space with > “The Crypto space is still under the radar of institutional investor. So, for example, smart investors are investing in the market. Paraphrast.

Retail demand for crypto is slightly weaker than last year, but investments by institutions and companies remain strong.

*This is not investment advice.

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