Crypto exchange Binance CEO Changpeng Zhao warns of bumpy months ahead.
posted on Tuesday, Changpeng Zhao acknowledged the outflow of funds while insisting that Binance has been in similar situations before. “Some days we have net withdrawals; some days we have net deposits. Business as usual for us,” he said, suggesting “it is a good idea to ‘stress test withdrawals’ on eachMeanwhile, the crypto executive also sought to alleviate concerns about the exchange’s health in a memo addressed to its staff.
“While we expect the next several months to be bumpy, we will get past this challenging period – and we’ll be stronger for having been through it,” CZ told the Binance team. Referring to the latest developments in the space, he added that the recent collapse of FTX has led to “a lot of extra scrutiny and tough questions” for his exchange.
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