Changpeng Zhao: Binance Won’t Go Bankrupt If All Users Initiate Withdrawals At The Same Time
- Changpeng Zhao is confident in Binance because it is currently one of the world’s largest crypto exchanges.
- Every cryptocurrency on Binance always has 100% reserves, allowing users to withdraw funds whenever and wherever they wish.
- If all users initiate withdrawals at the same time, Binance will not go bankrupt.
The CEO of Binance, Changpeng Zhao, recently responded to criticisms made by members of the community and mentioned the upcoming 2022.
Binance CEO Changpeng Zhao recently responded to community comments and discussed the forthcoming 2022. Changpeng Zhao first said that he is not Satoshi Nakamoto. He revealed that in the previous year, he had visited 33 countries and local regulatory authorities. Changpeng Zhao also stated that Binance will not go bankrupt if all users initiate withdrawals at the same time. Each cryptocurrency on Binance has 100% reserves at all times, allowing users to withdraw money whenever and wherever they want.
When discussing how to prevent hazards comparable to FTX, Changpeng Zhao stated that Binance must first ensure that it does not end up in the same predicament as FTX. Anyone who transfers billions of dollars in user monies is incapable of risk management. Be upfront and transparent, and avoid shortcuts.
Recently, the CEO has expressed his thoughts on the Binance FUD. He listed the top seven reasons why users believe Binance is a scam. One of the reasons is that people like to propagate Binance FUD because of broad generalizations that lump the exchange in with other failed centralized enterprises such as FTX.
CZ is quite confident in Binance because it is currently one of the largest crypto exchanges in the world. As a result, some industry professionals regard Binance as a rival and occasionally try to cast aspersions on the exchange in an attempt to knock them down a notch. Some media outlets are paid to spread misinformation about FUD Binance, which is wholly controlled by a competitor. Cryptocurrency has not yet achieved widespread adoption, with global adoption likely to be less than 5%. Many individuals are still wary of cryptocurrency. Binance’s massive size. “Binance” gets more clicks than other exchanges.
Through his statements, it is clear that he has high hopes for Binance, despite the glomming market impact on many crypto enterprises.
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