Binance CEO Changpeng Zhao Refutes FUD on Executive Exodus, Assures No Liquidity Concerns

By Insa Monroe Sep 9, 202360Views

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Binance CEO Changpeng Zhao has responded to negative news and rumors surrounding the cryptocurrency exchange, dismissing them as “FUD” (fear, uncertainty, and doubt). He assured users that Binance has no liquidity issues. The comments were made in response to the recent departure of several top executives from the company, bringing the total to 10 since July. Zhao did not directly address the reasons for the departures but defended the exchange against community debates. He stated that withdrawals and deposits are properly handled and customer accounts are fully backed by a reserve fund. Zhao also highlighted the successful court cases, handling of bank runs, record deposits, new fiat channels, product launches, new hires, and market expansions that Binance has experienced. The exodus of executives is reportedly due in part to concerns about how Zhao has handled an investigation into Binance by the US Department of Justice.

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Insa Monroe

Insa's extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa's specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.