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Binance CEO Says It Is A Good Idea To “Stress Test Withdrawals” For The CEX

Binance saw record withdrawals today with rumors about the exchange being.

Changpeng Zhao, the CEO of Binance, sees this as a test for the exchange. And that is “simple.”

Earlier, the exchange announced that it would be suspending USDC withdrawals for a few hours. The volume of withdrawals from Binance has skyrocketed in the past 24 hours. As noted, more than $2.3 billion have been withdrawn from the largest exchange in the market.

The collapse of FTX probably raised investor doubts about the exchange. However, at the “most panicked” moment of the market in early November, FTX used to have a net outflow of $6 billion within 72 hours after CZ said it would sell FTT.

It can be seen that this number is not as worrisome. However, it is also a testament to the expectations of investors with the exchange that can be considered the leading market today.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.