According to an internal memo, <a href="https://twitter.com/cz_binance">Changpeng "CZ" Zhao</a>, the chief executive officer of <a href="https://www.cryptoknowmics.com/news/binance-labs-to-conduct-private-round-ii-for-goplus-security">Binance</a>, has urged his team to prepare for tumultuous times as the massive <a href="https://www.cryptoknowmics.com/news/crypto-exchange-binance-us-launches-payments-service-for-customers">cryptocurrency exchange</a> experiences a surge of cryptocurrency withdrawals amid worries about its financial stability.
<h2>CZ Binance Warns Employees</h2>
CZ wrote to his workers that while the exchange expects the coming months to be turbulent, they will get beyond the difficult phase. Binance saw cryptocurrency withdrawals totaling more than $900 million as consumers seized physical possession of their currencies in response to harsh criticism of the exchanges' inspection report released last week.

Regarding concerns about the temporary suspension of withdrawals of <a href="https://www.cryptoknowmics.com/news/crypto-exchange-coinbase-urges-users-to-change-usdt-to-usdc">USDC</a>, CZ stated in the memo that because they automatically transfer USDC to <a href="https://www.cryptoknowmics.com/news/binance-completes-integration-of-wax-waxp-and-busd">BUSD</a> in order to maintain sizable liquidity pools, the exchange typically holds USDC deposits for withdrawals in the future.
<h2>Challenges and Scrutiny After FTX Bankruptcy</h2>
Since <a href="https://www.cryptoknowmics.com/news/sam-bankman-fried-accused-by-us-sec-of-scamming-ftx-investors">FTX</a> declared bankruptcy last month, cryptocurrency exchanges have been vying for the position as the first to disclose their audit report demonstrating the security of customer money.

CZ stated that Binance is experiencing a significant amount of additional scrutiny and challenging questions as a result of recent withdrawals, but assured that the organization is structured to stay and will withstand any <a href="https://www.cryptoknowmics.com/news/dubai-based-exchange-bybit-to-execute-30-staff-layoffs">cryptocurrency winter</a>.

Binance CEO Changpeng 'CZ' Zhao Warns Employees of Difficult Times

CZ Zhao warns his employees to prepare for hard times as the exchange experiences a surge of crypto withdrawals amid worries about financial stability

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Binance CEO Changpeng 'CZ' Zhao Warns Employees of Difficult Times

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