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Binance CEO dismisses concerns, confirms the company is experiencing ‘no liquidity problems’
Binance co-founder and CEO Changpeng ‘CZ’ Zhao has addressed recent speculation surrounding his company, confirming that its financial health and employee retention remain strong, despite the prevailing market volatility.
The Binance leader attributed the atmosphere of fear, uncertainty, and doubt (FUD) to negative news, rumors, bank runs, lawsuits, the cessation of fiat channels, product discontinuations, and employee departures in a post on X (Twitter) dated September 7.
I noticed some discussions within the community. When you act correctly and face FUD, there’s no need for action. The community supports you.
To summarize, there has been a significant amount of negative news/rumors, bank runs, lawsuits, the closing of fiat channels, product wind downs,…— CZ Binance (@cz_binance) September 7, 2023
He took this chance to clarify Binance’s financial status:
“Guess what we don’t have? No liquidity issues,” CZ stated. “All withdrawals (and deposits) are managed appropriately. All customer funds are #SAFU, and fully reserved.”
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Nonetheless, analysts have observed that at least 10 Binance executives have departed between July and September, including Patrick Hillmann, former chief strategy officer, Mayur Kamat, former product lead, Leon Foong, former head of Asia-Pacific, and Steven Christie, former senior vice president for compliance.
However, CZ noted in July that employee turnover is a common occurrence for all companies, particularly those operating in a fast-evolving sector like cryptocurrency.
Definitely false, only one this week. They exaggerate everything.
— CZ Binance (@cz_binance) July 6, 2023
In a recent statement, CZ mentioned that Binance “probably also [has] the lowest founding team turnover of any tech startup of our size and age, in the world.”
Related: Binance to reimburse users $1M for Cyber Earn incident
Meanwhile, the Binance CEO highlighted some recent achievements in the cryptocurrency sector, such as the introduction of new fiat channels and products, new hires, and expansion into new markets, along with notable legal victories, particularly those of Ripple and Grayscale Investments against the United States Securities and Exchange Commission.
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