Binance, the largest virtual currency exchange, withdraws equivalent to 400 billion yen a day, CEO mentions 'business as usual'



Binance, the largest virtual currency exchange, found that withdrawals equivalent to 3 billion dollars (about 406 billion yen) occurred per day. Binance CEO Changpong Zhao said, `` This happens often ,'' and said it was business as usual, but doubts about Binance's report that ``we have enough assets to exceed customer deposits.'' And there is a case of major virtual currency exchange FTX, where the former CEO was arrested , so there is a view that a move to other platforms is occurring.

Crypto exchange Binance temporarily halts USDC stablecoin withdrawals
https://www.cnbc.com/2022/12/13/crypto-exchange-binance-temporarily-halts-usdc-stablecoin-withdrawals.html

Binance withdrawals hit $1.9 bln in 24 hours, data firm says | Reuters
https://www.reuters.com/technology/binance-sees-withdrawals-19-billion-last-24-hours-data-firm-nansen-says-2022-12-13/

Nansen, a cryptocurrency market research company, reported that a large amount of withdrawals occurred. Initially, it was information that `` $ 1.9 billion (about 257 billion yen) has been withdrawn in a week, of which 1.6 billion dollars (about 217 billion yen) has been withdrawn in the last 24 hours ''. This amount is less than the $2.3 billion (about 311 billion yen) processed by Binance when FTX went bankrupt.



However, withdrawals continued to increase after that, and seven hours after the above tweet, it increased to $ 3 billion (about 406 billion yen).



One of the triggers for this move is the suspicion that Justin Sun, the developer of the virtual currency TRON, withdrew 34 million BUSD (Binance USD) and 15.4 million USDT ( Tether ) from Binance and liquidated it.



Mr. Sun commented that it was done within the scope of normal business and was not due to market judgments or speculation, but after an hour and a half, he deposited $ 100 million (about 13.6 billion yen) to Binance. showed that it was fixed.




Unrelated to Mr. Sun's move, there is also a view that anxiety about Binance's assets is a factor. To prevent customers from being upset by the FTX bankruptcy, Binance has released a reserve proof report prepared by an external agency. The report showed that Binance's assets had a reserve ratio of 101%, meaning there was still enough left over after covering all customers' assets 1:1. The Wall Street Journal, however, said the numbers in the report were not conclusive, as the report did not conclude that the report's authors, accounting firm Mothers South Africa, endorsed its opinions and content. pointing out.

The data presented by Nansen reveals that Binance has assets worth a total of $ 60.4 billion (about 8.2 trillion yen) in public addresses.



17 hours ago, the assets held at the address totaled $62.6 billion (approximately ¥8.48 trillion).



On the social news site Hacker News, when CEO Zhao acknowledged the increase in withdrawals of USDC, he said, ``The exchange of PAX and BUSD to USDC must go through a bank in New York, and there will be some time before the store opens. will recover. ' In the tweet, there was an opinion that ' FTX said the same thing, ' repeating the bankrupt FTX.

Binance temporarily suspends USDC withdrawals | Hacker News
https://news.ycombinator.com/item?id=33966272

Zhao said, “Since its inception, Binance has never gone a week without FUD (bad rumors), which has taught us the ability to ignore rumors and keep building. And let's continue to build together,' he tweeted.



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