Zhao claims all rumors about Binace's struggles are false.
In a recent update, Changpeng “CZ” Zhao, the crypto exchange Binance co-founder and CEO, dispelled growing concerns about the company's financial health and high-profile staff departures.
Changpeng Zhao took to social media on September 7th to address a range of rumors surrounding his company.
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Amidst an atmosphere dominated by fear, uncertainty, and doubt, commonly referred to as FUD, he outlined Binance's robust financial status and reassured the public about its employee retention rates.
Guess what we don't have? No liquidity issues. All withdrawals (and deposits) are properly handled. All customer funds are #SAFU, and 100% reserved.
His comments were a strong counter-narrative related to speculations about the firm's stability, including various lawsuits, the closing of fiat transaction routes, and reports on employee exits.
CZ also pointed out that fluctuations in employee numbers are not unusual, particularly in an industry as dynamic as cryptocurrency. He emphasized that "there is turnover at every company." However, CZ highlighted that Binance's founding team probably has "the lowest founding team turnover of any tech startup of our size and age in the world."
It wasn't all defensive, though. The CEO shared some positive milestones for Binance and the broader cryptocurrency market, including opening new channels for fiat transactions, new product launches, new hires, and legal victories for companies like Ripple and Grayscale Investments against the United States Securities and Exchange Commission.
Amidst a challenging environment filled with rumors and executive changes, Binance CEO Changpeng Zhao remains confident in the company’s resilience and financial positioning. His recent public statements assure Binance users and the broader cryptocurrency community that customer funds are safe, with the crypto exchange also actively contributing to the industry's progress.
