CZ Issues Memo To Binance Staff Amid Heavy Withdrawal

Binance, the world’s largest crypto exchange is witnessing heavy withdrawals amid the broad market recovery. As per the data provided by Nansen, Around $3 billion has been withdrawn by the investors from the exchange in the last 24 hours. However, Binance Chief, CZ has issued a memo among the office staff amid this uncertainty.

Can Binance Survive Crypto Winter?

Reports suggest that the Binance CZ issued a warning to his staff that the exchange might see tough months ahead. Meanwhile, he added that the firms will overcome the current placed challenges. It is reported as the CZ’s calm attempt to inform his colleagues about the company’s financial health.

As per the memo, Binance CZ stated that the crypto industry is passing through a historic moment. However, he asserted that Binance is financially strong and will make it through any crypto winter.

He added that the next several months can be bumpy but Binance will get past this. However, Binance CZ mentioned that FTX’s recent horrible collapse is the main reason behind these conditions. While this has also brought in a lot of extra scrutiny and tough questions on the crypto exchange.

Binance CZ in the end wrote that “Rest assured, this organization was built to last.”

Is SBF arrest the main reason?

The FTX collapse has led to a massive collapse of the crypto market. The cumulative market cap has dropped under the crucial $1 trillion mark.

Since the arrest of the FTX former CEO, SBF Binance witnessed around $3 billion in net outflow in a day. This shows the nervousness building among the users.