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  4. CZ: Binance Has a Solid Revenue and Is a Self-Contained Organization
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CZ: Binance Has a Solid Revenue and Is a Self-Contained Organization

Changepeng Zhao said, “If 100% of the users withdraw 100% of the assets, we’ll be fine.”Zhao added that the halting of USDC withdrawals was due to the...
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CZ: Binance Has a Solid Revenue and Is a Self-Contained Organization CZ: Binance Has a Solid Revenue and Is a Self-Contained Organization

  • Changepeng Zhao said, “If 100% of the users withdraw 100% of the assets, we’ll be fine.”

  • Zhao added that the halting of USDC withdrawals was due to the bank’s conversion issue.

  • Crypto businesses must “hold user assets 1-to-1 and that is what we do,” added Zhao.

In a recent interview, Binance CEO Changpeng Zhao (CZ) addressed the liquidity fears of crypto investors as he revealed that the firm has a “very solid revenue” and is a self-contained organization.

Commenting on the FUD, Zhao stated:

People can withdraw 100% of the assets they have on Binance, we will not have an issue on any given day. If 100% of the users withdraw 100% of the assets, we’ll be fine.

Zhao also reflected on the recent halting of USDC withdrawals, as he called the glitch far from being a liquidity issue. He added that it was a conversion issue that was going through the bank. The crypto exchange does not use customers’ money as they have a very solid revenue, added Zhao.

CZ said that the firm does the auto conversion of USDC which is not issued by the crypto exchange Binance. It is issued by New York‘s licensed entity. The reserves are thus in New York. He further explained that there are many different types of stablecoin on Binance which makes it difficult ...

The post CZ: Binance Has a Solid Revenue and Is a Self-Contained Organization appeared first on Coin Edition.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
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 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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