Singapore The world’s largest crypto exchange, Binance Holdings, is currently struggling with outflows of Bitcoin deposits. It reiterated its position that its users’ assets were backed by reserves and also pointed out that it was debt-free.
When asked about the recent outflows, a spokesman said: “People are depositing and withdrawing from a wide variety of assets on a daily basis. Binance user balances are all backed 1:1 and Binance’s capital structure is debt free.”
Clients withdrew their funds from crypto billionaire Changpeng “CZ” Zhao’s platform this week as confidence in the crypto sector plummeted following the collapse of exchange FTX. FTX founder Sam Bankman-Fried was arrested in the Bahamas earlier this week on charges of billions of dollars in fraud.
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