Binance has recently witnessed huge withdrawals from users who may have been worried about the exchange’s solvency. However, a look into cold wallets managed by the exchange shows that it has more than enough funds to process withdrawals.
Read CRYPTONEWSLAND onBased on the list of cold wallets provided by The Block’s Vice President of Research Larry Cermak, Binance is holding at least $62 billion worth of crypto.
The figure may have reduced since the time the addresses were checked, but the point is that Binance has enough funds to enable customer withdrawals.
According to Nansen, Binance has processed a spike of withdrawals in the last 24 hours amounting to $1.6 billion. Cumulatively, the figure is up to $1.9 billion in the last 7 days. However, this is less than the $2.3 billion weekly net flow that Binance processed after news that FTX was insolvent broke on social media.
There’s massive fear, uncertainty, and doubt (FUD) circulating around Binance right now. Specifically, people have been withdrawing their assets on Binance thinking that it will suffer the same fate as FTX. In fact, people have pointed out that USD Coin (USDC) withdrawals have been halted on the exchange.
To this, Binance CEO Changpeng Zhao responded by explaining that the issue lies with a bank in New York that hasn’t opened yet at that time. This bank, which name CZ did not disclose, is responsible for swapping from Binance USD on Paxos to USDC. CNL also published a separate article providing more details regarding this information.
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