Crypto’s Binance Seeks to Reassure Over Reserves, Says Debt Free
- Company reiterates its position that user assets fully backed
- CEO Zhao says situation stabilizing as deposits come back in
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Binance Holdings Ltd. founder Changpeng “CZ” Zhao said outflows from the largest cryptocurrency exchange have “stabilized” while warning employees that the industry’s recovery from rival FTX’s collapse will be “bumpy.”
In a tweet on Wednesday, Zhao said “things seem to have stabilized” and that “deposits are coming back in.” He’d earlier said Binance saw about $1.14 billion of net withdrawals on Tuesday. Binance has at least $60 billion in on-chain reserves, according to data from the blockchain analytics firm Nansen.