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Gungun Bhatia
Dec 14, 2022
by Gungun Bhatia

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

CZ Warns Employees

Table of contents

  1. CZ Binance Warns Employees
  2. Challenges and Scrutiny After FTX Bankruptcy
According to an internal memo, Changpeng "CZ" Zhao, the chief executive officer of Binance, has urged his team to prepare for tumultuous times as the massive cryptocurrency exchange experiences a surge of cryptocurrency withdrawals amid worries about its financial stability.

CZ Binance Warns Employees

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 USDC, CZ stated in the memo that because they automatically transfer USDC to BUSD in order to maintain sizable liquidity pools, the exchange typically holds USDC deposits for withdrawals in the future.

Challenges and Scrutiny After FTX Bankruptcy

Since FTX 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 cryptocurrency winter.

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Binance CEO Changpeng 'CZ' Zhao Warns Employees of Difficult Times
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.