Bitcoin

Binance news: nearly 40,000 BTC removed

12/15/2022
Bitcoin Ethereum News

Binance is in the spotlight: the news in the last few hours concerning one of the most prominent blockchains in the crypto world is manifold. 

Starting with the statement of Changpeng Zhao, CEO of the company, who confirmed that Binance will not die, not even in the current crypto winter, which is also a tough one in the aftermath of the FTX collapse. 

Thus, CNBC affiliate Jim Cramer also says he is calm and feels reassured by the Binance platform, agreeing with CZ’s claims. However, it also appears that nearly 40 thousand Bitcoin have been removed from Binance, as noted on Bitcoin Magazine‘s Twitter profile: 

The latest news about Binance: the platform will survive, CZ’s word 

As we know, Binance is one of the largest crypto exchanges in the ecosystem. Indeed, by May 2021 it had reached the milestone of being the world’s largest digital asset marketplace in terms of trading volume. 

The CEO, Changpeng Zhao, has always promoted his platform in terms of transparency and security, as also confirmed by the recently demonstrated Proof of Reserves. Now, despite a phase of great uncertainty for the crypto world, CZ has returned to speak out and, as every time, has not left much room for skeptics’ doubts. 

Indeed, this is not the first bear market that the crypto industry has faced; for one reason or another, there have been several throughout its existence. 

However, it is fair to admit that as a result of the increase in adoption and value, the current bear market has proven to be more damaging than previous ones. 

This, along with the increase in the number of failures, has left the cryptocurrency community in serious fear. Binance, however, gave the market a reprieve after CZ assured the platform’s survival. 

In a recent note addressed to his staff, Changpeng Zhao stressed that the exchange is in a financially strong position. Furthermore, as reported by Watcher.Guru‘s tweet, CZ stated the following: 

Given current market conditions, CZ pointed out that the industry is going through a “historic moment.” Furthermore, elaborating on the company’s future, CZ confirmed that although the next few months are expected to be bumpy, the crypto world will overcome this difficult period and will be even stronger precisely because of overcoming it. 

In fact, as seen over the past two months, Binance has managed to thrive anyway despite the market turmoil. The platform currently ranks as the largest cryptocurrency exchange in the world in terms of trading volume. With a daily volume of $15,997,326,455 and a 75% increase in the last 24 hours, the exchange takes the top spot.

Cramer is optimistic about Binance: the exchange’s direction is right 

In a tweet posted today, CNBC affiliate Jim Cramer, said he feels “reassured” by Binance. In fact, from what Watcher.Guru reported on Twitter one can read: 

Indeed, the well-known expert recently urged investors to retreat from the cryptocurrency sphere, but he appears to be confident about the cryptocurrency exchange’s direction.

Nevertheless, the previous few days for Binance were tumultuous, as there were abundant withdrawals that led to halts, with the exchange and token making headlines. Subsequently, an internal memo saw Changpeng Zhao predict an “uneven” path for the platform. So, is Cramer right in his optimism?

Recent events in the blockchain world have sealed a near-fatal fate for many experts in the field. Moreover, the faith and confidence of many investors has wavered after the criminal revelation of the FTX controversy. 

However, despite the difficult year for crypto investors and despite all the massive scandals and bankruptcies, most recently involving FTX, Cramer’s prominent name within finance is still confident of the giant Binance remaining standing. 

Indeed, as Jim Cramer’s name is well known to anyone in finance, following his tweet about Binance, many were in turn reassured by his words, which carry considerable weight. Moreover, the statement seemed to indicate that his confidence was well-placed in the leading cryptocurrency exchange.

In a subsequent Tweet, Cramer asked his followers if they would be comfortable keeping their money on Binance, referring to it as the “best question of the morning.”

For a long time, FTX and Binance were fierce competitors, intertwined by their absolute dominance. Now, with the failure of FTX, consumer hesitation has threatened confidence in Binance, leading to its recent problems with withdrawals.

This culminated, as anticipated, in a memo sent by CZ stating his expectations, writing that the coming months will be bumpy. Moreover, Zhao assured employees that Binance will only be stronger after this period. 

In any case, Cramer’s confidence in Binance seems to be related to their recent efforts in terms of transparency and the way they have handled the current state of withdrawals from the platform. In conclusion, the hope is their continued perseverance as the market adjusts.

The news about BTC withdrawals on Binance has investors on high alert 

The latest news regarding Bitcoin withdrawals on Binance, which was also reported by Bitcoin Magazine’s Twitter profile, has investors on high alert, as these appear to exceed $500 million. 

In fact, just two days ago data from on-chain monitoring resource Coinglass showed that Binance’s BTC balance on Binance has decreased by more than 30,000 BTC. According to Coinglass, users withdrew alarming amounts of BTC, which accounted for most of the week’s 40,150 BTC total.

The abnormal behavior appears to follow what CZ called “FUD” on social media. In fact, the situation began to become alarming after a Reuters article was published suggesting that the exchange was involved in a money laundering lawsuit in the United States.

Zhao promptly responded, sharing a statement from Binance debunking the report’s claims. Subsequently, reports of major token withdrawals by Justin Sun, CEO and founder of TRON, definitely fueled tensions.

As a result, although Zhao distanced himself from critics and Sun made a $100 million deposit on Binance, many users rushed to withdraw their assets from their accounts. 

Thus, CZ commented on the FUD on Twitter, saying that although it helps the platform grow, it is definitely irritating. Also, according to the CEO of Binance, FUD can be spread about someone but without mentioning their name, as it raises awareness. It also helps unite their supporters because it forms a common defense alliance. 

Source: https://en.cryptonomist.ch/2022/12/15/binance-news-nearly-40000-btc-removed/