March 27, 2024
Binance CEO Dismisses Liquidity Concerns and Emphasizes Customer Fund Safety
Latest Cryptocurrency News

Binance CEO Dismisses Liquidity Concerns and Emphasizes Customer Fund Safety

Changpeng “CZ” Zhao, co-founder and CEO of Binance, has put an end to recent allegations against his company, ensuring that its balance sheet and staff retention stay strong despite the current market unpredictability.

The CEO of Binance attributed the climate of FUD (fear, uncertainty, and doubt) to bad press, speculation, bank runs, lawsuits, the closure of fiat channels, product wind-downs, and personnel turnover in a post on X on September 7.

He then used the opportunity to clarify Binance’s current financial position:

“Guess what we don’t have? No liquidity issues,” CZ explained. “All withdrawals (and deposits) are properly handled. All customer funds are #SAFU, and 100% reserved.”

Observers have noted that a minimum of 10 Binance executives have left the company’s leadership just between July and September, including Steven Christie, the former senior vice president for compliance; Mayur Kamat, the former product lead; and Patrick Hillmann, the former chief strategy officer.

However, CZ clarified in July that staff turnover is a fact of life for every business, particularly those operating in a quickly evolving industry like cryptocurrency.

According to CZ’s latest post, Binance “probably also has the lowest founding team turnover of any tech startup of our size and age in the world.”

The Binance CEO also cited recent successes in the cryptocurrency sector, including the introduction of fresh fiat channels and products, new hires, and emerging markets, in addition to some victories in court, particularly those of Ripple and Grayscale Investment over the US Securities and Exchange Commission.

Image: Wallpapers.com

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