Binance CEO Changpeng Zhao warns staff of turbulent times

The CEO of crypto exchange Binance, named Changpeng Zhao, has warned his staff about turbulent times as the giant crypto exchange sees a massive wave of crypto outflows amid concerns about the company’s financial health.

“While we expect the coming months to be bumpy, we will get through this challenging period,” said CZ, assuring that the organization is built to last.

People are massively withdrawing tokens from crypto exchanges

Investors have withdrawn huge numbers of crypto coins from crypto exchange Binance this week. Earlier this week, users withdrew more than $900 million in tokens from the exchange. This came in the wake of widespread criticism of the exchange’s Proof-of-Reserve report released last week.

Cryptocurrency exchanges have made every effort to publish their audit report as soon as possible to prove that client assets are safe since FTX filed for bankruptcy last month.

This week, however, a lot of FUD has emerged around Binance, which has led users to withdraw tokens from the exchange en masse. This is also the reason why Changpeng Zhao has warned his employees about turbulent times.

Despite the problems that Binance is now dealing with, analysts expect the largest crypto exchange in the world to recover. Binance has more than $62 billion in cryptocurrencies in its cold wallets and thus appears to have more than enough reserves to cover all customer funds.

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