Binance is seeing a slight increase in withdrawals, says CEO

Binance CEO Changpeng Zhao said the cryptocurrency exchange has seen only a slight uptick in withdrawals and is operating normally despite a fall in digital asset prices after the collapse of FTX. Speaking on a live “ask me anything” session on Twitter Monday, Zhao said there had been “no news about significant withdrawals” from several “cold” cryptocurrency wallets the firm published details of in the wake of FTX’s bankruptcy. Binance has seen a “slight increase in withdrawals,” said Zhao, but he added this was in line with typical activity during times of declines in the crypto market. “Whenever prices drop, we see an uptick in withdrawals,” Zhao said. “That’s quite normal.”

After months of bouncing stubbornly around the $20,000 level, volatility returned to bitcoin last week as news of a liquidity crisis at FTX roiled the market. Bitcoin was trading at $16,600 Monday afternoon in London, barely moving from the 24 hours prior. “We have not seen like 80% withdrawn from our cold wallets, or 50% of funds flowing from our platform, whereas it maybe happened with some other platforms,” Zhao said. “For us, it’s still business as usual.”


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