It has been reported that the CEO of Binance, Changpeng Zhao, also known as “CZ,” has issued a personal email to retail customers assuring them of Binance’s future and financial stability.
CZ addressed the management of client wallets and funds between Binance and their retail consumers as the most recent move in the public relations campaign that Binance has been running to fight back against the fear, uncertainty, and doubt (FUD) that has been spread as a result of the collapse of FTX.
Zhao underlined that Binance stores all of its customers’ cryptocurrency assets in accounts that are separated from any accounts that are used to keep Binance’s cryptocurrency assets.
Furthermore, the Binance boss emphasized that his exchange employs its very own wallet infrastructure to protect user assets as well as their own.
CZ also said that they never spend any money that is not their own. They do not make a practice of using customer money while doing business on their own account, he says.
Binance holds all of its clients’ crypto-assets in segregated accounts which are identified separately from any accounts used to hold crypto-assets belonging to Binance and that it also uses Binance’s own wallet infrastructure to safeguard user assets and Binance’s own assets.
Changpeng Zhao
The world’s largest exchange wants to ensure that its retail customers are aware that there will not be a repeat of the FTX situation in the near future. During the Christmas season, the message may be effective in calming anxieties about the retail market.
The current effort to spread fear, uncertainty, and doubt (FUD) about Binance has now reached a personal level for retail consumers.
Retail consumers are aware, as a result of the private and personal communication, that CZ and his exchange take retail customers’ suffering seriously and consider the repercussions of acts on a bigger scale, as CZ claims.
CZ talks deposit wallets on Binance
Source: https://www.cryptopolitan.com/binance-clients-assets-in-separate-accounts/