Is Binance in Trouble? CZ Says No, Highlights Recent Accomplishments

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Binance CEO Changpeng Zhao, known as CZ, is addressing concerns related to the cryptocurrency exchange. Despite recent legal issues, the shutdown of fiat channels, and the departure of several executives, CZ asserts that Binance maintains its strength in liquidity and employee retention, even in these challenging market conditions.

Considering that Binance’s rumoured problems have had the community in a frenzy, CZ’s words could be quite reassuring. Here’s what he had to say.

Is Binance Facing Liquidity Problems?

On September 8, CZ took to Twitter to emphasize that Binance faces no liquidity problems. He reassured the community that all assets are securely reserved, and deposits and withdrawals are proceeding smoothly. 

Saw some debates in the community. When you do the right thing, and there is FUD, you don't have to do anything. The community defends you.

Let me summarize. There have been a lot of negative news/rumors, bank runs, lawsuits, closing of fiat channels, product wind downs,…

— CZ Binance (@cz_binance) September 7, 2023

He also assured users that customer funds are safeguarded, and the exchange maintains a 100% reserve, even in the face of negative news, rumors, and other challenges. Despite various legal challenges, no liquidity concerns have been reported by users.

Related: Binance Faces Multiple Lawsuits Despite Being a Top Taxpayer in Lithuania!

Why is the Top Line Leaving?

The crypto community has expressed skepticism due to the departure of key executives. Notably, between July and September, more than ten high-ranking executives have left the company.

Among the departed executives were Patrick Hillmann, the former Chief Strategy Officer; Mayur Kamat, the former Product Lead; Leon Foong, the former Head of Asia-Pacific; General Counsel Han Ng; Steven Christie, the former Senior Vice President for Compliance; and Matthew Price, who served as the Global Head of intelligence and Investigations at the exchange.

In early July, four executives resigned from Binance, with some attributing their departure to Binance’s response to an investigation by the United States Department of Justice (DOJ). However, CZ, the CEO of Binance, denied these claims and labeled them as FUD (Fear, Uncertainty, Doubt).

4. More FUD about some departures. Yes, there is turnover (at every company). But the reasons dreamed up by the “news” are completely wrong.

As an organization that has grown from 30 to 8000 people in 6 years, from 0 to the world’s largest crypto exchange in less than 5 months…

— CZ Binance (@cz_binance) July 6, 2023

Recent reports have revealed that four additional executives have announced their resignations. It has been observed that CZ has acknowledged the transition of many former members into more prominent positions both within and outside the exchange.

Also Read: Binance’s Latest Proof-of-Reserve Report Under Scrutiny for Transparency

Be Rest Assured – All Is Well?

In response to concerns about the recent departures, CZ emphasized that Binance takes pride in having the lowest “founding team turnover among tech startups of similar scale and age worldwide.” He confidently restated Binance’s resilience and unwavering commitment towards growth.

Definitely false, only one this week. They exaggerate everything.

— CZ Binance (@cz_binance) July 6, 2023

In addition, CZ highlighted re­cent achieveme­nts in the cryptocurrency industry. These accomplishments encompassed the introduction of new fiat channels and products, attracting fresh tale­nt, exploring uncharted markets, and se­curing significant legal victories for Ripple and Grayscale­ in their battles against the SEC.