December 29, 2022

Binance CEO Reassures Users That Funds Are Safe

Binance Zhao

Binance Zhao

Binance CEO Changpeng ‘CZ’ Zhao said 2022 was a tough year for Binance and the crypto market overall but not unprecedented.

Zhao was trying to explain his perspectives on the crypto market in 2022 and expectations for 2023 in a blog titled “A Letter From Our CEO: 2022, the Year of Resilience.”

According to Zhao, 2022 witnessed crises and failures, mainly the collapses of Celsius, Voyager, BlockFi, and FTX, in addition to the decline in cryptocurrencies. However, CZ remained optimistic about the future of the industry and Binance, expecting that the market would recover rapidly in light of developments in the metaverse, NFTs, GameFi, DeFi, and other blockchain solutions.

Regarding Binance, he pointed out that his company would concentrate on building and regaining public trust through transparency despite the noise and putting users first, expressing his pride that Binance hires 7,500 employees, representing over 100 nationalities to serve more than 120 million users globally.

He described the crypto prices this year as incredibly resilient, looking forward to a stronger market regardless of whether recovery will happen in one month or one year.

Moreover, CZ said in an interview posted on Twitter that Binance users are free to withdraw their deposits anytime if they have concerns.

“We have more than 100% reserves on every single coin that we hold on behalf of our users, so feel free to withdraw at any time if you have any concerns,” the Binance boss noted.

Zhao’s message comes in response to controversial proof-of-reserves audits that many crypto firms, including Binance, underwent, to reassure the safety of their users’ deposits.

By the end of 2022, Binance has secured 14 registrations and authorizations in jurisdictions across five continents, including Dubai, Abu Dhabi, Bahrain, Colombia, South Africa, France, Italy, Spain, Poland, Lithuania, Cyprus, Kazakhstan, Australia, and New Zealand.

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