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Binance CEO Dismisses Criticism, Claims ‘no liquidity issues’
Changpeng Zhao stated that despite the FUD, the crypto industry has scored a number of significant victories in recent weeks.
Changpeng ‘CZ' Zhao, co-founder and CEO of Binance, has dispelled recent rumors about his company, affirming that its balance sheet and employee retention remain robust despite recent market volatility.
In a Sept. 7 post on X (Twitter), the CEO of Binance blamed negative news, rumors, bank runs, lawsuits, the closing of fiat channels, product wind-downs, and employee turnovers for creating an environment of FUD (fear, ambiguity, and doubt).
He then took advantage of the occasion to elaborate on Binance's current financial situation:
“Guess what we don't have? No liquidity issues,” CZ emphasized. “All withdrawals (and deposits) are properly handled. All customer funds are #SAFU, and 100% reserved.”
Observers have noted, however, that at least ten Binance executives resigned between July and September, including Patrick Hillmann, the former chief strategy officer; Mayur Kamat, the former product lead; Leon Foong, the former head of Asia-Pacific, and Steven Christie, the former senior vice president of compliance.
However, CZ explained in July that employee turnover is a reality for all businesses, particularly those operating in a swiftly changing environment such as the cryptocurrency industry.
In a recent blog post, CZ stated that Binding “probably has the lowest founding team turnover of any tech company of our size and age worldwide.”
In the meantime, the CEO of Binance cited recent successes in the cryptocurrency industry, including the launch of new fiat channels and products, new hires, and new markets, as well as victories in court, including Ripple and Grayscale Investment's victories against the United States Securities and Exchange Commission.