Binance CEO CZ Explains Crypto Market: FUD Is Over

world’s largest cryptocurrency Changpeng Zhao, CEO of the exchange Binance, announced in his statement that the effects of the said events ended after the FUD wave on the platform a short time ago.

Binance CEO referred to the news reported by major media outlets recently that billions of dollars were withdrawn from the stock market.

Changpeng Zhao: “All Assets Withdrawn From Binance In FTX Crash Recovered”

Zhao said that all of the previously mentioned “withdrawals” are coming back to Binance. In addition, the CEO stated that the events in question were a good stress test for the company.

After the collapse of the crypto money exchange FTX, the eyes were turned to the world’s largest crypto exchange Binance, and some FUD waves about the company were spread. After that, many panicked crypto users preferred to withdraw their funds from the exchange.

Zhao thus marked the end of the aforementioned FUD wave.

Currently, the total assets of all of the top 10 exchanges among the world’s largest cryptocurrency exchanges are less than Binance’s. Zhao evaluated this situation in his message on Twitter:

“Trust has network effects. I think we’re back to pre-FTX levels.”

According to the shared data, Bitfinex, the company’s closest competitor, has a total assets of $ 8.17 billion, while its second closest competitor OKX has $ 7.67 billion in assets. Binance’s total assets are at $67.33 billion.

*Not investment advice.

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