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Changpeng Zhao – CEO of Binance – said clients had withdrawn approximately $1.14 billion worth of crypto today (December 13) from the platform.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.
token_withdrawals_binance_131201
Source: 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.
  • 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.”

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