The world’s largest cryptocurrency exchange, Binance, shared an article in an article that reveals the behind the scenes of the events that took place in the past days.
Binance made detailed statements about the accusations and negative news that have been thrown on the stock market since the FTX bankruptcy. To the negative news that has been coming one after another for a while “Facing FUD” The Binance team, which aims to respond in one go with the article named “We will gain the trust of more users after passing the stress test” he stated. In the article, the 7 most curious questions of the last days were answered in detail.
USDC withdrawals stopped, what happened?
Binance will release users on September 5, 2022. USDC, USDP and TUSD your stablecoins balance and new investments automatically 1:1 ratio of BUSD, that is, USDC will not be held on the Binance platform. In the statement made by the exchange, in connection with this situation, the disruption experienced in the withdrawals of USDC in the past days, “PAX/BUSD of the previous conversion between and USDC. new Yorkmust be made through a US dollar account at a bank in” and it was replied that this caused a delay in the conversion as it could only be done during the working hours of the bank.
The exchange also persistently stopped withdrawals of USDC. all other crypto transactions stated that it continues.
Are all users safe enough on Binance that their reserves can be withdrawn at any time?
According to the proof of reserve offered by Binance, users’ assets are guaranteed at a 1:1 ratio. Although the audit firm mazars Although Binance has taken a step back in confirming its reserves, the company’s transparency reports on this subject will continue according to what is stated. In its statement under this title, Binance said, “Our 24/7 withdrawal service works uninterrupted, users can withdraw their assets at any time if they have any concerns.” he stated.
Moreover 12-14 December from the stock market on $6 billion outflow Stating that this happened, the team said, “we passed this test successfully” he said. As previously announced, 90 percent of Binance’s revenues come from transaction fees. Exchange, 2018Increased ROI by 2100% since its founding in total assets managed $7.5 billion reached.
Why did Mazars stop serving Binance?
At this point, Binance is not just against Mazars’ services themselves, but to the entire cryptocurrency market He underlined that he was against it. Binance has yet to deal with a new audit firm on this issue. Authentication on the blockchain a new field Binance, stating that it is, made the following statements in its article:
On-chain verification of institutional reserves for cryptocurrencies is a very new field. We are currently in active communication with institutions that want to provide verification services for crypto companies and will share the latest developments with you soon.
Why was only the verification of Bitcoin reserves initiated?
Bitcoin verification first and foremost step The stock market, which launched as the first step, stated that it will present the proof of reserve of other priority cryptos as soon as possible after this first step is clarified.
We will use BTC as a starting point. At the same time, we will continue to collect user feedback as a basis for launching and improving other currencies and network functions in the future. We will also provide additional technical solutions such as zk-SNARKs, providing users with more guarantees and further proving our financial health.
What do the allegations about the “Binance Financial Black Box” mean?
Binance’s not a public company and therefore there is no legal obligation to disclose his financial situation, as a private company they will stay, their financial situation is sufficient and at this stage no plans to go public specified.
In many jurisdictions in which we operate, we have shared or do share operational and financial information as required by local regulators. As mentioned above, Binance’s capital structure is debt-free and transaction fees and funds earned through investment are fully capable of covering day-to-day transactions. The assets are fully segregated and there is no embezzlement involved.
How accurate is “US Department of Justice launched an investigation into Binance”?
In its statement on this headline, the media used such “to get clicksStating that he likes the news, the Binance team said, “there are similar news a few times a year” said. Stating that there is uncertainty in some statements in the report, such as “internal disputes” and “possible out-of-court resolution”, Binance said that some readers and analysts simply you focus on the headline underlined:
We need to forget these facts: First, Binance is the exchange with the most compliance approvals/licenses in the world. Second, Binance is the exchange that spends the most money on fighting crime. This year alone, we’ve grown our security and research team by 500%.
Did Binance destroy FTX?
The answer to this question was given very clearly in the article published by Binance.
No, FTX self-destructed!
Binance CEO Changpeng Zhao (CZ) In a similar statement made earlier, “A healthy company cannot be destroyed by a tweet” and added that Binance has no intention of destroying anyone.