On Thursday, the Chief Executive Officer of Binance, Changpeng Zhao, who’s popularly referred to as “CZ“, was questioned about the exchange’s insolvency & the withdrawal difficulties faced this week, during an ongoing TV interview. The CEO came out in defense of his platform, citing that they are financially stable and better off than any other exchange in the industry.
Binance’s Withdrawal Woes
Earlier this week, due to an insufficient amount of USD Coin (USDC) reserves on the Binance platform, the stablecoin withdrawal process got momentarily halted.
Read More: Binance CEO CZ – “Things Have Stabilized, Deposits Are Coming Back In”
Zhao states that the problem was caused due to a bank based out of New York, which the company utilizes to exchange Paxos-issued BUSD holdings into USDC, being closed at that moment of time.
CZ was quoted saying,
We have the assets to convert. And, there’s no margin, there’s no leverage, we just needed the banks to open. When banks a
We współpracy z: https://coingape.com/binance-cz-financially-strong-interview/
