Binance CEO Unfazed by $1.4B Withdrawals

D

espite $1.4 billion worth of assets being withdrawn on the same day, Binance CEO Changpeng Zhao was resolute and undaunted.

Despite any hesitations and apprehensions, the CEO is confident that it would be a wise move to “test withdrawal capacities” regularly on each centralized exchange.

In a series of Tweets CZ said "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."

And "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."

Chris

An editor at Coincrop

View articles

Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.