Binance News: “Things Have Stabilized, Deposits Are Coming Back In”

Binance CEO Changpeng “CZ” Zhao on Wednesday said deposits are coming back to the crypto exchange. The FUD surrounding Binance facing FTX contagion and the DOJ probe caused massive withdrawals from the crypto exchange in the last few days. The investors panicked and sold or transferred their crypto holdings from Binance.

Binance CEO reassured customers that things are now stabilized. The crypto exchange has processed more withdrawals than current withdrawals during the Terra-LUNA or FTX crisis.

The FUD Should End Now: CZ Binance

The world’s largest crypto exchange Binance on Tuesday witnessed record daily outflows worth $1.14 billion. As per data from CryptoQuant, a net of 40,353 Bitcoins and 278,017 Ethereum tokens were withdrawn.

Binance CEO “CZ” in a tweet on December 14 asserts these are not even the top 5 withdrawals that were processed during the Terra-LUNA or FTX crisis. He assures customers about the financial health of the crypto exchange and assets.

“Things seem to have stabilized. Yesterday was not the highest withdrawals we processed, not even top 5. We processed more during LUNA or FTX crashes. Now deposits are coming back in.”

He thinks the FUD brought a “stress test”, which in turn helps Binance build credibility for its customers by passing the test. CZ also suggested users to hold their coins in Trust Wallet if they want. However, he urged users to keep their private keys safe.

Binance CEO also announced doing a Twitter Space AMA today at 3:30 PM Dubai time to answer users’ queries on their funds and Binance FUD.

According to data from OKLink, the USDC assets on Binance increased from 1.26 billion to nearly 3 billion in the past 24 hours, an increase of nearly 139%. This accounts for 5.84% of the total assets. Moreover, it is reported that BUSD has been converted to USDC on a large scale to meet users’ demand for USDC withdrawals.

Binance’s BNB token soars nearly 4% in the last 24 hours, the price is currently trading at $274.

Also Read: Binance CEO Warns Staff Of Tough Times

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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