After a wave of FUD spread in the Binance-related market, a large amount of assets were withdrawn from the exchange.
Cryptocurrency Changpeng Zhao (CZ), CEO of Binance exchange, said in his statement that the total withdrawal amount exceeded $ 1 billion, and this situation served as a kind of stress test for the exchange.
However, CZ partially answered in the affirmative to a question about rewarding a user who trusts the exchange and does not withdraw from Binance. The user suggested prioritizing non-shooting users in a Launchpad event.
Binance CEO: “We May Future Consider Rewarding Users Who Do Not Withdraw Their Assets”
CZ responded to the user’s suggestion as follows:
“It may be in the future, but we don’t want to seem like we’re trying to overly influence people with their actions. It’s their money, their choice.
After all this is in the past, we can try to find a way to thank our investors.”
Might do in the future, but we don’t want to be seen as trying to overly influence people on their actions. It’s their money, their choice.
May try to think of a way to thank our holders after all this is in the past.
— CZ Binance (@cz_binance) December 13, 2022
However, the company drew the reaction of some users by announcing that it stopped shooting USDC for a while. According to the company’s statement, as a result of the increased withdrawal demands, there was no USDC left in the reserves to meet this demand, and it was said that banks should be opened in the USA in order to convert BUSD tokens to USDC.
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Shortly after this, it was announced that USDC token withdrawals were reactivated on the exchange.
As it is known, USDC is mostly a stablecoin backed by rival company Coinbase, and Binance is known for promoting its own stablecoin BUSD, which is distributed by Paxos, instead of this coin.
*Not investment advice.