Binance CEO Changpeng “CZ” Zhao sent a memo to his employees. According to the memo, the sudden collapse of FTX caused an increase in fund outflows at Binance. The giant crypto exchange has warned its staff to expect turbulent times as it sees a wave of crypto outflows amid concerns about its financial health, Bloomberg reports, citing an internal memo. Here are the details…
Binance CEO: Binance can withstand any crypto winter
According to the report, CZ wrote to its employees, “As we look forward to the ups and downs of the next few months, we will get through this challenging period and we will be stronger because we get through this.” Binance saw more than $900 million in crypto withdrawals earlier this week, as users took direct custody of their coins after widespread criticism over the stock market audit report released last week.
Cryptocurrency exchanges have been racing to publish audit reports to prove that client assets are safe since FTX filed for bankruptcy last month. CZ said Binance faces “a lot of extra scrutiny and tough questions,” citing its recent withdrawals, while ensuring that “the establishment is built to last and will withstand any crypto winter.”
Is FTX the fault?
Zhao accused the collapse of high-profile rival FTX of imposing “a lot of extra scrutiny and hard questions” on Binance. On Tuesday, a US grand jury indicted former FTX CEO Sam Bankman-Fried of fraud and money laundering on FTX’s customers and lenders. cryptocoin.com As we have reported, Sam Bankman-Fried was sent to Bahamas custody.
Also on Tuesday, Binance experienced record withdrawals of Bitcoin and ETH as uncertainty over the liquidity of centralized exchanges increased. The exits caused a temporary suspension of withdrawals of USD Coin (USDC). However, CZ largely dismissed concerns that the exchange was having liquidity issues. The US Department of Justice, meanwhile, continues to consider blaming Binance for possible money laundering and criminal sanctions violations, Reuters reported on Monday. In fact, it is thought that the shooting processes in question intensified after the Reuters news.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.