Changpeng Zhao – CEO of Binance – said clients had withdrawn approximately $1.14 billion worth of crypto today (December 13) from the platform.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