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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

FUD Intensifies: Can Binance Survive Or Is This The End?

Best Owie
Best Owie
2 years ago
2 mins read
binance

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Binance, the largest crypto exchange in the world by trading volume, has been the target of massive FUD (Fear, Uncertainty, and Doubt, for the uninitiated) over the last couple of days. After FTX collapsed, users in the space began to question if exchanges actually held enough in their reserves to honor all customers. Given what happened to FTX, is it possible for Binance to come out of this unscathed?

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Binance Withdrawals Intensify

As the FUD spread across social media platforms, Binance users had taken to withdrawing their deposits from the exchange en masse. Data aggregator platform reported on Tuesday that Binance’s withdrawals had crossed $1.9 billion, and by the end of the day, reports were that the withdrawals were eventually higher than $3 billion in a single day.

According to the data released, the withdrawals were one of the highest single-day volume for the crypto exchange, which understandably had users at the edge of their seats. However, Binance CEO Changpeng Zhao had come out to quell fears, explaining that it was nowhere near the highest single-day withdrawals the exchange had processed. Zhao explained that Binance had seen higher volumes when the LUNA cryptocurrency had collapsed, as well as during the FTX implosion.

Most of the FUD had stemmed from the ‘audit’ report from Mazars which had drawn criticism from some experts in the industry. The multiple tweets saying that the Mazars report did not qualify as an audit had gained traction, leading to the current situation.

Binance BNB BNBUSDT
BNB’s price trends to the downside on the daily chart. Source: BNBUSDT Tradingview

Can The Crypto Exchange Survive?

So far, Binance has been able to wade through the enormous FUD without much of a problem. Reports on social media say that despite the large withdrawal volumes, the crypto exchange continues to honor all of them in a timely manner.

Also, data on Nansen show that deposits into the crypto exchange has been high during this time, offsetting the outflows to a significant degree. This tweet retweeted by “CZ” includes a screenshot of Nansen’s dashboard that showed Binance inflows were almost as high as outflows, resulting in negative net flows of only $378 million for the 24-hour period. CEO Zhao has referred to the current FUD as a “stress test” that “helps to build the credibility for exchanges that passes the test.”

https://twitter.com/spideycyp_155/status/1602962197009010690?s=20&t=xJKinDsncVmhoflgZxzQAA

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At this time, there have been no obvious signs of struggle for the crypto exchange. Ki Young Ju, CEO of CryptoQuant, also took to Twitter to publicly state that there are no “shady on-chain activities” on the part of the exchange.

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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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