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Binance: Bitcoin Exchange Comes Under Pressure

Binance saw outflows of $6.6 billion this week (between December 13 and 14).

By Finst News
• 2 min read
Binance: Bitcoin Exchange Comes Under Pressure

Binance this week (between December 13 and 14) saw outflows of $6.6 billion. The CEO of Binance, Changpeng Zhao (CZ), stayed calm and even said he welcomed the 'stress test'.

The collapse of FTX has created some uncertainty in the crypto community. In an interview with the American network CNBC, CZ commented on the current situation. “People can withdraw 100 percent of Binance's assets, at any time of day. No problem.”

As Andrew Ross Sorkin notes in the interview, Binance holds about $60 billion in crypto. However, no one knows how large Binance's outstanding liabilities are. Such uncertainties could be addressed with an 'audit'—an independent review of the books, according to the interviewer. CZ was asked whether Binance had plans for such an audit.

“We're working with several firms to arrange an audit. But to be clear: Binance owes no one any money. Binance has no loans from other companies. We simply don't have that. You can ask all the funds or VCs in the ecosystem [...]. That's where we differ a lot from FTX,” concluded the CEO of Binance.

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