Binance did not cause the crypto market liquidation event on Oct. 10, but every exchange — centralized or decentralized — saw massive liquidations that day after China imposed rare earth metal controls and the U.S. announced fresh tariffs, said Binance Co-CEO Richard Teng.

About 75% of the liquidations took place around 9:00 p.m. ET, alongside two unrelated, isolated issues: a stablecoin depegging and “some slowness in terms of asset transfer,” Teng said Thursday at CoinDesk’s Consensus Hong Kong conference.

“The U.S. equity market plunged $1.5 trillion in value that day,” he said. “The U.S. equity market alone saw $150 billion of liquidation. The crypto market is much smaller. It was about $19 billion. And the liquidation on crypto…