Binance CEO and Co-founder Changpeng Zhao has dismissed recent rumors against his firm, reassuring its balance sheet and its ability to retain employees amidst the recent market confusion.
In a tweet posted on September 7, CZ attributed the worries to various factors such as negative news, rumors, people withdrawing money from banks, legal actions, the discontinuation of certain services, and employees leaving the company.
These factors create an atmosphere of fear, uncertainty, and doubt (FUD). Despite these challenges, CZ reassured that Binance remains strong in terms of its finances and its ability to keep its staff onboard.
Binance CEO clarifying the company’s current financial position said, “Guess what we don’t have? No liquidity issues.” CZ emphasized, “All withdrawals (and deposits) are properly handled. All customer funds are #SAFU, and 100% reserved.”
Just in July and September alone, many Binance executives have left the company including Mayur Kamat, former product head; Patrick Hillman, former chief strategy officer; Leon Foong, former Asia-Pacific head and Steven Christine, former senior vice president for compliance.
CZ stated in July that all companies, especially those in a fast-changing field like cryptocurrency, have to deal with employees leaving their jobs.
Also Read: Binance Loses Top Execs Amid Russian Regulatory Challenges
