Binance CEO Warns of Potential Turbulence in the Crypto Industry
Uncertainty advances in the cryptocurrency market but CZ insists that Binance does not have liquidity problems.
The founder and CEO of Binance, Changpeng Zhao or CZ, has affirmed this Wednesday that the withdrawals of funds by its clients have "stabilized", after reaching a record number of transactions the previous day. However, CZ has assured that the future of the industry will be "turbulent".
The comments from the director of the largest cryptocurrency buying and selling platform come after users on Tuesday withdrew more than $1.14 billion of their savings within the platform in just one day. Faced with this situation, Binance was forced to freeze withdrawals from the USDC stablecoin. The situation lasted 8 hours and at the time of writing this article it is already normalized.
Customer mistrust grew as details of how FTX worked, which became the fourth largest service a few months ago, became known. At the same time, the founder of the defunct firm, Sam Bankman-Fried, was arrested in the Bahamas.
Zhao's efforts were focused Tuesday on setting Binace apart from the rest of the competition. "People generalize, get hurt by an exchange and then generalize. It's just human behavior," Zhao said on his Twitter account. Another message shared by the executive tried to highlight what makes Binance different: it has more than 60,000 million dollars in reserves.
Furthermore, the Binance team has tried to highlight that not all users have lost trust. In the last 24 hours, the exchange's clients have entrusted more than $256 million in deposits to the platform. This figure reaches 1,200 million dollars for the last week.
Industry analysts specify that, although the future of the platform does not seem to be in crisis, the cryptocurrency issued by Binance does suffer strong downward pressure. The BNB token, issued by Binance, has shed more than 6.5% in the last five days. By comparison, bitcoin, the industry's most popular asset, has gained nearly 4%.
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