Amid the prolonged crypto winter, the global rise in the cost of goods and services, and crypto firms struggling to keep their heads afloat, Binance’s survival remains a mystery to the crypto community.
Binance’s attempt to improve the transparency of its reserves has generated concern in the crypto industry recently, with many crypto influencers and some analysts spreading FUD, probably to create fear in the industry for personal gains.
According to Nansen researcher Sandra Leow, within the last 24 hours, about $1.6 billion has been withdrawn from the CZ’s cryptocurrency exchange.
It is noteworthy that you are aware that we have carried out every necessary research on the exchanges (Binance, Kucoin, and Bybit) we use in our ParadiseFamilyVIP, recall that they spread the Kucoin FUD, and hitherto, nothing has happened.
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Binance CEO Responds to Binance FUD
Amid the Binance FUD being spread on social media platforms, Changpeng Zhao, the CEO of the world’s largest cryptocurrency exchange has expressed concern by addressing users of his exchange.
In his statements, Binance CEO assured users about the stability of the exchange, in his tweet, CZ acknowledged the increase in the rate of withdrawal of Circle’s stablecoin USDC.
In the tweet, CZ wrote:
“On USDC, we have seen an increase in withdrawals. However, the channel to swap from PAX/BUSD to USDC requires going through a bank in NY in USD. The banks are not open for another few hours. We expect the situation will be restored when the banks open.”
He however furthered by assuring users that the exchange “will also try to establish more fluid swap channels in the future,” concluding that users should feel free to withdraw any other stablecoin of their choice.
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