Business as Usual Says CZ, Confirming Over $1 Billion Daily Withdrawals

Changpeng Zhao – CEO of Binance – said clients had withdrawn approximately $1.14 billion worth of crypto today (December 13) from the platform.

The executive assured they handled the demand and that business continues to operate “as usual.”

• Zhao stated on Twitter that the recent withdrawal requests are not a black swan event, reminding that Binance has processed such an amount of transactions before, as also seen on the following chart by Nansen.

• The CEO maintained his trading venue was not negatively affected and even believes it would be a “good idea” if each centralized exchange carried out “stress test withdrawals” from time to time.

We saw some withdrawals today (net $1.14b ish). We have seen this before. Some days we have net withdrawals; some days we have net deposits. Business as usual for us.

I actually think it is a good idea to “stress test withdrawals” on each CEX on a rotating basis.

1/2 https://t.co/uF9lLPDSyS

— CZ Binance (@cz_binance) December 13, 2022

• Such experiments could cost some network fees, but they can keep the industry “healthy,” he suggested.
• For its part, Tether – the company that issues the stablecoin USDT – vowed to assist Binance by performing a multi-billion chain swap from the Tron network to the Ethereum network:

“In a few minutes Tether will coordinate with Binance to perform a chain swap, converting from Tron to Ethereum ERC20, for 3B USDT. The Tether total supply will not change during this process.”