Binance CEO Calls, Crypto Exchanges Respond

Binance CEO Changpeng Zhao has made the latest effort to give users peace of mind in the wake of the recent FTX crash, and major exchanges in the industry have responded with “big brother.”
Binance CEO Calls, Crypto Exchanges Respond
Binance CEO Changpeng Zhao

In order to further strengthen user confidence, on November 8, a series of major crypto companies had to speak out to reassure the community with a statement of not contacting or related to FTX and FTT tokens.

And not long after, Binance CEO Changpeng Zhao also directly posted a status line on his personal page, calling on today’s popular exchanges to provide proof of customer deposits.

This is considered as a solution that Binance offered to avoid a similar situation as FTX, which suddenly stopped processing withdrawals amid the current chaos, which has a great impact on the interests of users and the entire crypto industry.

Accordingly, OKX is the first exchange to announce its plan to publish an asset report soon (within 30 days). In addition, OKX concurs that this action is an important step towards establishing fundamental trust in the industry among users.

Justin Sun also stated that he wants to follow the call of the CEO of Binance. Although both Huobi and Poloniex (both controlled by Justin Sun) have regularly released asset endorsement reports in the past, given the current situation, another new report is essential to enhance user trust.

In addition, Justin Sun decided to “rescue” users who were stuck and unable to withdraw tokens of the Tron ecosystem, including TRX, BTT, JST, SUN, and HT on FTX, through conducting compensation for these tokens with a 1:1 ratio from Huobi exchange and TRON DAO. Losing users can fill out the registration form to receive support from Tron.

Binance CEO Calls, Crypto Exchanges Respond
Justin Sun

To this day, Coinbase and Kraken have published reports to prove that protecting user assets is always a top priority. And other exchanges are already planning to announce proof-of-reverse.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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