CZ: No Amount of Withdrawal Will Put Binance Under Pressure

Changpeng Zhao said that no amount of withdrawals will put Binance under pressure.
Binance processed at least $6 billion worth of crypto withdrawals on December 13 alone.
CZ also said that users are starting to deposit their assets on the exchange once again.

Binance CEO Changpeng Zhao (CZ) went live on Twitter Spaces on December 14 to answer multiple questions regarding pressing issues today. During the ask-me-anything (AMA) session, he remarked “no amount of withdrawals” will put the exchange “under pressure.”

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To bring the uninitiated up to speed, Binance customers have been withdrawing their funds from the exchange en masse. In fact, on December 13 alone, Binance processed at least $6 billion.

Earlier today, CZ posted that they have processed even more when the first version of TerraUSD (UST) and Terra (LUNA) collapsed. Also, he said that yesterday’s withdrawals were a mere “stress test” and that it doesn’t even rank as a top-five.

However, CZ admitted that the ongoing FUD is annoying. Regardless, he said in the AMA session that it is everyone’s right to withdraw their funds from Binance whenever they see fit and that it is the exchange’s obligation to ensure the withdrawal process will be smooth.

While Binance is not out of the woods yet, CZ remarked that the exchange is now seeing people deposit their assets on the exchange again. This goes to show that one way or another, Binance is regaining the trust of some of its users.

Yesterday, CryptoNewsLand (CNL) reported that Binance’s cold wallets contained a cumulative amount of $62 billion worth of assets. Some were in fiat money, while others were in crypto. Given that the crypto market is having a positive sentiment today, the worth of some assets on the cold wallets may have increased even more.

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Jesus Dawal

Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.