Binance Reassures Customers: Exchange is Self-Sufficient, Financially Healthy, and Debt-Free

1: binance recently published a statement in response to questions from the media and community about its finances and operations. the statement addressed issues such as the company’s financial health, external financing needs, and disclosure of financial information. additionally, binance clarified the reasons behind the delay in usdc withdrawals and denied allegations of misappropriating user assets.

2: this statement was released earlier this month after users began withdrawing their funds from binance en masse. binance also addressed allegations that it sought to “destroy” ftx, which had been raised by former ftx ceo sam bankman-fried and former ftx spokesperson kevin o’leary. furthermore, binance contested that auditing firm mazars stopped working with all crypto companies, not just binance.

3: binance explained that traditional accounting firms find it difficult to verify the overall reserve assets on the chain of encrypted exchanges, as this is a very new field. binance noted that it does not regard other exchanges as ‘competitors’ and is focused on promoting and expanding industry adoption. the company hopes to see more exchanges coexisting in the crypto ecosystem.

By Evey Lovelace

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