"Things seem to have stabilized," Zhao said regarding the recent multi-billion user withdrawals from Binance.
Changpeng Zhao – CEO of Binance – said the wave of customer withdrawal requests has cooled off, assuring that the entity has coped with higher demands in the past.
Data from CryptoQuant shows that the withdrawals reached almost a whopping $8 billion on December 13th.
Source: CryptoQuant
CZ took it to Twitter to assure that Binance clients are no longer withdrawing their funds en masse. He also stated the outgoing transactions were not even among the top 5 in the platform’s history, processing more during the Terra crash and the demise of FTX.
The CEO further suggested that centralized exchanges should carry out “stress test withdrawals” from time to time so users could be aware of the companies’ competence.
He believes Binance’s “stress test” resulted from a FUD that escalated among crypto participants, while such events are beneficial for the organization and help it build credibility.
CZ said people should feel free to store their crypto holdings in cold wallets. The rest who prefer to use Binance as a custodian should feel protected, he concluded.
Dimitar got interested in cryptocurrencies back in 2018 amid the prolonged bear market. His biggest passion in the field is Bitcoin and he was fascinated with its journey. With a flair for producing high-quality content, he started covering the cryptocurrency space in late 2018. His hobby is football.
