CEO of Binance Crypto Exchange Changpeng Zhao informedthat the situation with customer deposits on the platform has stabilized. Therefore, he sought to allay investor fears that arose due to the short-term suspension of the USDC stablecoin withdrawal.
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«Everything seems to have stabilized. Yesterday was not the highest number of withdrawals we processed, not even in the top 5. We handled more during LUNA or FTX crashes. Now the deposits are returned,” Zhao wrote on Twitter.
Formerly Mr. Zhao confirmed, that $1.14 billion was withdrawn from the site a day earlier, but reassured the public that this spending isn’t even among the top five largest in Binance’s history. Investors were frightened when, due to the increased demand for USDC and the peculiarities of converting this stablecoin, the platform was forced to suspend its withdrawal for about 8 hours – I had to wait for the opening of a New York bank through which transactions pass.
The situation was exacerbated by the report by analyst firm Nansen, which reported that in the last day alone, $1.9 billion worth of Ethereum blockchain tokens were withdrawn from Binance, and in the last week the outflow of funds exceeded $3 billion. At the time, the head of the company, Alex Svanevik, pointed out that the situation is very different from the collapse of the cryptocurrency exchange FTX: he estimates that Binance now has $60 billion, and recent spending is a very small fraction of this amount.
The head of Binance does not hide the fact that with the current weakening of the cryptocurrency market, the coming months will be “bumpy” for the platform, but he has the opportunity to overcome a difficult period and, having passed through it, become stronger, the agency said. Bloomberg.
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