CZ: Binance Will Survive Any Crypto Winter

Binance CEO Changpeng Zhao has told his workers to expect difficult months ahead and has stated that the company would overcome present issues as the crypto millionaire attempts to ease fears about the company’s financial stability.

CZ, as the founder of the world’s largest crypto exchange, is known, stated in a note to workers that the sector for digital assets is going through a “historic moment” and that Binance is in a good financial position and “will survive any crypto winter.”

“While we expect the next several months to be bumpy, we will get past this challenging period — and we’ll be stronger for having been through it,” Bloomberg reported the executive as saying in an internal memo.

The bankruptcy of high-profile competitor FTX, according to CZ, has added “a lot of extra scrutinies and tough questions” to Binance. A federal grand jury in the United States indicted former FTX CEO Sam Bankman-Fried on Tuesday with perpetrating or conspiring to conduct fraud on FTX’s clients and lenders, as well as money laundering.

Also on Tuesday, Binance saw a record number of withdrawals as the concern surrounding the liquidity of controlled exchanges intensified. CZ then proposed that this be followed with a CEX test.

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