Starting the week Binance Its FUD caused investors to withdraw their funds from the famous exchange.
FTX While investors who did not want to face a bankruptcy situation like this were managing their risks, statements from Binance came one after another.
Binance’s suspension of USDC withdrawals in the morning caused panic to increase. However, there was no disruption in the withdrawals of other cryptocurrencies.
Talking about today’s shoot Binance CEO Cz stated that it is right for the stock markets to be subjected to such stress tests from time to time.
Cz’s explanation is as follows, quoting an influencer’s share of “I made 10 withdrawals from Binance and it all happened within 1 hour”:
“We saw a net $1.14 billion in withdrawals today.
Some days we have net cash withdrawals, some days we have net cash inflows. It’s ordinary business for us.
I actually think it’s a good idea to stress test each centralized exchange with withdrawals alternately.
These tests cost some network fees but keep the industry healthy.
The stock market is simple. (quoted post: If an exchange keeps user assets intact, no tweets from other people will be a problem. 18 November 2022)”
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