Binance CEO unfazed by $1.4B in withdrawals from exchange in one day


Binance CEO Changpeng Zhao was undeterred after $1.4 billion worth of assets were withdrawn in a day.

Despite uncertainties, the CEO believes it’s a good idea to “stress test withdrawals” on each centralized exchange on a rotating basis.

However, Nansen, a Hong Kong-based blockchain analytics platform, reported that assets worth $3 billion had been removed from Binance in the last 24 hours.

Binance has been under scrutiny by some users recently.  The recent uncertainty surrounding Binance arose from the firm’s attempt to show its proof of reserve. According to Mazars’ report last month, Binance’s Reserve is overcollateralized, while Binance claimed Mazars’ report was an audit. 

Amidst Binance’s efforts to save its credibility, Reuters published a report citing new allegations accusing the exchange of money laundering.

Adding to the firm’s pain, the exchange had to stop USDC withdrawals recently. However, Binance maintains that it’s temporary and is due to a token swap involving the stablecoin.

In the midst of the uncertainty, the Binance CEO maintained that all the FUD helped them grow, and it has been a regular occurrence for them since they founded the firm.

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