The CEO of Binance warns of rocky months ahead amid withdrawals

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According to reports, Changpeng Zhao (CZ), the founder of Binance, has warned his team to prepare for some challenging months as the top cryptocurrency exchange deals with customer withdrawals.

According to trade volume, Binance, the biggest cryptocurrency exchange in the world, experienced net outflows of $3 billion on Tuesday, Nov. 13, according to Nansen, a blockchain analytics company.

The announcement comes as Binance’s founder and CEO, Changpeng Zhao, tried to reassure his team that the business is financially sound enough to survive the crypto winter.

The effects of a number of unfavorable industry developments, notably the demise of FTX, a significant exchange market competitor that sought bankruptcy protection in November, have been felt by the coin trading platform.

According to Andrew Thurman, content lead for Nansen, who remarked on the outflow for CNN, another cause in investors’ anxiety was a Reuters report concerning a probe by the US Department of Justice investigating Binance.

Changpeng Zhao admitted the outflow of assets in a tweet on Tuesday, but he insisted that Binance had faced similar circumstances in the past.

Zhao stressed that the industry is going through “a historic period” and that Binance is in a good financial position and “will withstand any crypto winter,” according to a report by Bloomberg citing the memo.

CZ assured the Binance staff, “While we expect the next few months to be bumpy, we will get beyond this hard moment – and we’ll be stronger for having been through it.”

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