Founder of Binance ”CZ” He wrote a note to his employees after the money outflows. This was seen as part of Zhao’s efforts to address concerns with Binance.
Binance CEO ”CZ” Warns of the Rough Road Ahead in a Message to His Staff
Binance Holdings Ltd. Changpeng Zhao, Chief Executive Officer, cryptocurrency As the billionaire tries to allay concerns about the company’s financial health, he warned his colleagues that the coming months will be tough and said the firm will overcome the current challenges.
CZ, known as the founder of the world’s largest crypto exchange, said in a note to his employees that the digital asset industry is experiencing a “historic moment” and that Binance is in a strong financial position and will “survive a possible crypto winter.”
“While we expect the next few months to be up and down, we will get through this challenging period and we will be stronger because we get through this,” Bloomberg wrote in a note.
He added that FTX’s recent collapse has brought a lot of extra scrutiny and tough questions to his firm, citing reports on customer withdrawals this week.
FTX’s shock collapse shook investor sentiment, prompting some investors to gain control of their tokens, causing exits in other exchanges.
Binance was one of the exchanges that saw major exits on Tuesday, and those exits have started to show signs of easing since then.
The tweets and denials came after a record net daily exit of Bitcoin and Ether tokens from Binance on Tuesday.
“Relax, this organization was built to last,” Zhao wrote in the note.
*Not investment advice.
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