Binance CEO unfazed by $1.4B in withdrawals from exchange in one day Binance CEO unfazed by $1.4B in withdrawals from exchange in one day
Despite uncertainties, the CEO believes it's a good idea to "stress test withdrawals" on each centralized exchange on a rotation basis.
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Updated: Aug. 21, 2023 at 3:41 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance CEO Changpeng Zhao was undeterred after $1.4 billion worth of assets were withdrawn in a day.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.
We saw some withdrawals today (net $1.14b ish). We have seen this before. Some days we have net withdrawals; some days we have net deposits. Business as usual for us.
I actually think it is a good idea to “stress test withdrawals” on each CEX on a rotating basis. 💪
— CZ 🔶 Binance (@cz_binance) December 13, 2022
However, Nansen, a Hong Kong-based blockchain analytics platform, reported that assets worth $3.6 billion had been removed from Binance in the last 7 days.
Binance Netflow 7D ($) -3,660,311,347
8,783,380,428 – Outflow
5,123,069,081 – InflowExchange Flows dashboard ⤵️https://t.co/CYrBQLryQ0 pic.twitter.com/vV6vcqoWKK
— Nansen 🧭 (@nansen_ai) December 13, 2022
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.
FUD helps us grow, even though they are thoroughly annoying.
You can FUD about someone without explicitly mentioning their name, which spreads awareness.
It also helps unite their supporters because it forms a common defense alliance.
Short thread. 1/4 https://t.co/PlxhqV5cZS
— CZ 🔶 Binance (@cz_binance) December 13, 2022
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Soumen Datta
Soumen is a dedicated researcher and writer in the field of cryptocurrencies, DeFi, NFTs, and GameFi projects.
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USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
