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Is Binance Safe Against Crypto Winter? CZ Explained

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Binance CEO Changpeng Zhao warned of “difficult months ahead” for the company while insisting that the exchange will survive the crypto winter.

In a note sent to employees, Binance CEO Changpeng Zhao tried to calm concerns about the financial situation of the cryptocurrency, saying that the company “will survive” in the crypto winter. At the same time, the cryptocurrency mogul warned of several “bad” months ahead. This comes after Binance saw $3 billion in withdrawals in just 24 hours, according to blockchain security firm Nansen.

In a tweet, Zhao said the political situation is stable. Before that, he tweeted that it was necessary to withdraw the “stress test”. The world’s largest exchange is suffering from the negative impact of crypto following the collapse of FTX, Binance’s main competitor. Former FTX CEO Sam Bankman-Fried, who once held the title of the world’s richest person under 30, was arrested earlier this week in the Bahamas at the request of the US government.

The businessman was embarrassed as he left court in a huff on Tuesday. Damian Williams, the federal prosecutor in charge of the case, said Bankman-Fried committed “one of the biggest frauds in American history.” Meanwhile, Reuters recently reported that about half a dozen US federal prosecutors are considering bringing criminal charges against Zhao, but the investigation has not yet reached a clear conclusion.

Zhao continues to dismiss any negative coverage as “FUD” (fear, uncertainty and doubt) to quell user concerns. Apparently, Bankman-Fried said FTX was doing “good” days before the exchange filed for bankruptcy.

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