The founder of the biggest cryptocurrency exchange in the world, CZ, wrote a note to the team in which he stated that the crypto market is experiencing “a historic moment” and that Binance is in a good financial position and “will weather any crypto winter.”
Changpeng Zhao, CEO of Binance Holdings Ltd., tried to allay employees’ fears about the company’s financial stability by warning them to expect challenging months in the future and assuring them that the company will overcome present obstacles.
The founder of the biggest cryptocurrency exchange in the world, CZ, wrote a note to the team in which he stated that the crypto market is experiencing “a historic moment” and that Binance is in a good financial position and “will weather any crypto winter.”
While we anticipate the coming months to be challenging, we will overcome this difficult time and emerge stronger, as a result, he wrote in the memo seen by Bloomberg. Referring to this week’s news on customer withdrawals, he continued that FTX’s Cryptocurrency recent collapse has resulted in “a lot of extra scrutinies and serious questions” being raised about his company.
After FTX’s unexpected fall, traders decided to seize control of their tokens, which resulted in outflows at other exchanges. One of the exchanges affected by significant withdrawals on Tuesday was Binance, albeit these outflows have now begun to slow down.
The letter and counterarguments on Twitter followed a record-breaking net daily outflow of Bitcoin and Ether tokens from Binance on Tuesday.
Rest confident, this company was designed to endure, Changpeng Zhao said in the memo.
