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Binance

CZ Says Binance Is Not FTX As Exchange Inflows Near $2 Billion

Best Owie
by Best Owie
2 years ago
·
Posted in Binance
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Binance is once again in the middle of massive FUD as news broke on Thursday that a number of executives have left the crypto exchange. However, the exchange and its CEO Changpeng “CZ” Zhao seem to be unfazed by this. While the negative news spreads it has mostly been limited to social media platforms, while the exchange itself continues to thrive.

CZ Says Binance Is Not FTX

One rumor that has followed the number of problems that the crypto exchange has been subject to over the last month is that Binance could be facing bankruptcy. Given the fact that the FTX exchange collapsed following massive FUD on social media that triggered a bank run, there have been speculations that Binance could go the same way.

Related Reading: Ethereum Trading Volume Surges 35%, Can It Break $2,000 Before The Weekend?

However, Binance has continued to pull through each roadblock as it defiles all negative expectations. To this end, CZ responded to a tweet from a supporter who said that “Binance is not FTX and won’t go away.” According to the CEO, some have tried to make the exchange look like another FTX waiting to happen but that is not the case. “They keep trying to make us ‘look like’ FTX, but we are not,” the CEO responded.

Zhao has also addressed the rumors that the execs that left the company did so because they disagreed with him. He explained in a tweet that turnover happens at every company and Binance is no different, especially “as our organization evolves, and as personal situations change.”

Binance Coin (BNB) price chart from TradingView.com

BNB price struggles as FUD grows | Source: BNBUSD on TradingView.com

One of the execs departing the company also took to the platform to clear the air. Steven Christie, a compliance officer, explained that he was simply leaving due to personal reasons, and his explanations point toward focusing on family life.

“It is time for me to take some time for myself and my family, try and get healthier, lose the weight, start working on the “honey-do” list, start helping around the house, be more resent for my kids, take a few naps when I can escape the wife,” Christie concluded.

Inflows Near $2 Billion Despite Widespread FUD

The FUD around regulatory concerns and some executives exiting the company has not made a dent in Binance’s operations. Rather, the exchange has seen an impressive amount of inflows happening in the last 24 hours alone.

Binance inflows

Binance 24-hour inflows rise to almost $2 billion | Source: DeFiLlama

Data from the CEX Transparency page on DeFiLlama shows that in the last day, a total of $1.936 billion flowed into the exchange. On the 7-day chart, the exchange’s inflows have crossed $2.1 billion, bringing its total assets to $61.243 billion.

Related Reading: Binance.US Market Share Drops To New All-Time Low Amid Regulatory Troubles

This increase in daily inflows despite being hounded by negative news goes to show the exchange’s standing in the market. Binance remains the largest crypto exchange in the world with daily trading volumes of almost $10 billion, according to Coinmarketcap.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Unsplash, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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