Binance CEO Denies Accusations of Diverting $12B

Changpeng Zhao refutes claims, stating all user funds are accounted for within the Binance.US platform.

Written By:
Ronak Kumar

Last updated: June 9, 2023 9:51 AM

Published 2023-06-09

Last updated: June 9, 2023 9:51 AM

Published 2023-06-09

Changpeng Zhao refutes claims, stating all user funds are accounted for within the Binance.US platform.

He asserts that the information is false, attributing the discrepancy to either the journalist or the source.

This is simply false. Not sure if it's the journalist or the source.

To the best of my knowledge, https://t.co/hSHrrlF7o7 had in total roughly $2 billion in user funds. This number in USD equivalent fluctuates a little as crypto prices change. And declining as users withdraw due… pic.twitter.com/5dBPRaaNZN
— CZ 🔶 BNB (@cz_binance) June 8, 2023

According to Zhao, Binance.US holds approximately $2 billion in user funds, subject to fluctuations due to crypto price variations. He emphasizes that all user funds remain accounted for and have not left the Binance.US platform, except when users independently withdraw their funds.

This clarification comes amidst recent news impacting user sentiment and resulting in withdrawals from the platform. Zhao’s response aims to assure users that their funds are safe and address any concerns arising from the inaccurate information.

As the situation continues to unfold, Binance and Zhao reaffirm their commitment to transparency and maintaining the integrity of user assets.

Also Read: Binance CEO CZ’s Net Worth Drops by $1.3B Amid SEC Lawsuit

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