Binance CEO Changpeng Zhao (CZ) answered questions from users in a broadcast he participated in and made statements about the news that emerged in the last days.
CZ has been talking about Binance for the past few days. FUDs He joined a Twitter space broadcast to talk about it. CZ, Binance is in good standing and there is no problem in cash flow expressed. Do not understand the reason for the created perception and FTX Mentioning that the incident hurt people, CZ underlined that there is no point in burning the quilt for fleas.
With the FTX collapse, people got a wrong perception and started to generalize. Think of it this way, if you get hurt by one bank, you think all other banks are bad, if one politician is corrupt, you think all politicians are corrupt. But reality doesn’t work like that. If one bank is bad, that doesn’t make other banks bad either.
Binance’s cash flow is okay, anyone can withdraw their money
CZ temporarily yesterday USDC He also answered the allegations that emerged after the freezing of transactions. The CEO said there was no problem with cash flow. CZ to Binance in the last 24 hours the money invested is more than the money withdrawn and stressed that people continue to invest money.
We hold a 1:1 ratio of crypto and cash asset reserves. We do not feel pressure to any withdrawal request. I was aware yesterday that the market in general was pretty tense, everyone was really worried but today people calmed down because they saw that there was no disruption. In the last 24 hours, $6.5 billion has been deposited on Binance and $6 billion has been withdrawn. There is no problem with the money flow.
CZ mentioned that the traditional media has started a smear campaign on the crypto industry in the last few days, and he can’t make sense of it. However, he emphasized that even if you withdraw their money from centralized exchanges such as Binance, investors move either to a cold wallet or a decentralized exchange at the end of the day, and they do not leave this sector. “Money moves within the industry, it doesn’t go to traditional markets or Wall Street. This is good one way or another.Also, referring to the Trust Wallet, a cold wallet supported by Binance, CZ stated that it is open to everyone.
I can’t tell people “Withdraw funds from central exchanges”. That would be undermining my own work. However, it should not be forgotten that there is a risk in every business. Keeping it in a cold wallet is not without risk, either.
CZ has also been doing FUD news on Binance for a few days in particular. The Blockin the past FTX founder An institution funded by the SBF He added that he was. “We will continue to work and produce. This is the best way to fight against FUD.“