The CEO of Binance crypto exchange, Changpeng Zhao, says his firm which is the world’s largest crypto exchange will rise above the current crypto winter.
According to a report from Bloomberg, Zhao tried to allay employees’ fears about the company’s financial stability by warning them to expect challenging months in the future. He, however, assured them that his firm will overcome its present obstacles.
Zhao claimed that the abrupt collapse of the bankrupt FTX exchange caused his company to come under a lot of extra scrutinies and challenging inquiries. This he stated in reference to this week’s revelation on customers’ withdrawals as announced on Twitter.
Haters: Omg omg!! #binance saw over 6 bn in withdrawals yesterday!!
But these fudders did not tell that it got more deposits (6.56B) than withdrawals. The overall volume 12.6B $!! Many exchanges cannot even handle 100 M volume!!@cz_binance we support #Binance unconditionally!! pic.twitter.com/tIazDsLN0H— Spidey_ElonFan (@spideycyp_155) December 14, 2022
According to the announcement, the Binance platform received over $6 billion worth of withdrawals on Tuesday. Despite this, the exchange received more deposits from its users, totaling $6.56 billion in transactions.
Zhao tried to calm investors by telling them the situation with the exchange had leveled off. He added that the $6 billion withdrawals weren’t the first the firm has experienced nor did it rank among the top five related events. He stated that Binance saw a larger amount of withdrawals during the collapse of the LUNA and FTX exchanges.
Things seem to have stabilized. Yesterday was not the highest withdrawals we processed, not even top 5. We processed more during LUNA or FTX crashes. Now deposits are coming back in. 🤷♂️💪 https://t.co/WLK2KyCym0
— CZ 🔶 Binance (@cz_binance) December 14, 2022
While the collapse of exchanges is still reverberating in the blockchain industry, some users still believe that there is hope for the industry to recover.
A Twitter user @Don Cameron gave comments;
“It’s times like this that you realize how strong@binance is. It’s not going anywhere.”
The Support of Binance Towards the Industry
Binance is a well-known cryptocurrency exchange where users can buy, sell, and trade a wide range of digital assets. It was established in 2017 and is based in Malta. Binance offers a wide range of trading pairs, low fees, and fast transaction speeds, making it a popular choice among cryptocurrency traders.
Binance recently completed the purchase of Japan’s Sakura Exchange BitCoin (SEBC), a crypto exchange service provider registered in Japan. The acquisition will give the trading platform access to provide crypto services to the Japanese market and as a Japan Financial Services Agency (JFSA) regulated firm.
Binance stated that it aims to foster a responsible global environment for cryptocurrencies by providing Japanese-regulated services through SEBC.
Changpeng Zhao has also confirmed that its U.S. division is ready to make another bid for the bankrupt Voyager after the fallout of the former bid winner, FTX Derivatives Exchange. This move emphasizes the exchange’s attempts to broaden its reach and to help the industry get back on its feet better.
