According to an internal memo, Binance Chief Executive Officer Changpeng “CZ” Zhao has warned his employees not to expect turbulent times as the giant crypto exchange faces a spate of crypto outflows amid concerns over its financial health.
“Although we expect the next few months to be bumpy, we will get through this challenging time – and we will be stronger because we got through it,” CZ wrote to his staff.
Bloomberg previously reported CZ’s memo, which CoinDesk subsequently confirmed.
Binance saw more than $900 million worth of crypto withdrawals earlier this week as users took direct custody of their coins following widespread publicity about the exchange’s audit report released last week.
“Regarding questions about temporarily halting USDC withdrawals, since we automatically convert USDC to BUSD to maintain large pools of liquidity, we generally keep USDC deposits for future withdrawals,” CZ said in the memo.
Cryptocurrency exchanges have been in a race to release their audit report to prove customers’ assets are safe since FTX filed for bankruptcy last month.
CZ said that Binance is facing “a lot of additional scrutiny and tough questions” in reference to the recent payouts, while assuring that the “organization is built to last and will weather any crypto winter.”
Read more: Binance withdrawals surge as Reserves report concerns spook traders
UPDATE (Dec 14, 10:40 UTC): Adds an acknowledgment from the memo.
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