Changpeng Zhao, the CEO and Co-founder of Binance, has unequivocally refuted recent allegations surrounding his company while asserting the financial robustness of the exchange platform amid the ongoing market turbulence.
Taking to Twitter on September 7, CZ attributed the apprehensions to a multitude of factors, including adverse news coverage, rampant rumors, capital withdrawals, legal disputes, service discontinuations, and employee departures. This collective atmosphere of apprehension has collectively been referred to as “fear, uncertainty, and doubt” (FUD).
Despite grappling with these formidable challenges, CZ offered reassurances regarding Binance’s fiscal health and its commitment to retaining its workforce. He clarified the firm’s current financial status by stating, “Guess what we don’t have? No liquidity issues.” CZ emphatically underscored, “All withdrawals (and deposits) are being meticulously managed. All customer funds are #SAFU and fully reserved.”
In the recent months of July and September, several prominent Binance executives, including Mayur Kamat (former product head), Patrick Hillman (former chief strategy officer), Leon Foong (former Asia-Pacific head), and Steven Christine (former senior vice president for compliance), parted ways with the company.
CZ emphasized that employee turnover is a commonplace occurrence for all businesses, particularly in rapidly evolving sectors like cryptocurrency.
