According to a message sent internally by Changpeng “CZ” Zhao, CEO of Binance, expects difficult times as the massive cryptocurrency exchange experiences a wave of cryptocurrency withdrawals amid worries about its financial stability.
“While we expect the next several months to be bumpy, we will get past this challenging period – and we’ll be stronger for having been through it,” CZ said to his staff.
Early this week, Binance saw cryptocurrency withdrawals totaling more than $900 million as consumers seized physical possession of their currencies in response to harsh criticism of the exchanges’ financial report that was released last week.
Since FTX filed for bankruptcy last month, cryptocurrency exchanges have been vying to disclose their audit report in order to demonstrate that customer assets are secure.
Regarding recent withdrawals, CZ stated that Binance is receiving “a lot of extra scrutiny’s and challenging questions” but assured that the “company is constructed to stay and will weather any crypto winter.”