Binance Shrugs Off Withdrawal Worries

Binance Shrugs Off Withdrawal Worries: Significant withdrawals are being made at Binance but the crypto giant has shrugged off concerns and made reassurances about its financial health. Binance crypto CZ

Billions of dollars in digital assets are being pulled out of crypto exchange Binance, including about $1.14 billion of net withdrawals on Tuesday, according to a social media post by founder Changpeng Zhao. Nonetheless, Binance has continuously made reassurances about its financial health.

«Some days we have net withdrawals; some days we have net deposits. Business as usual for us,» Zhao said in the tweet. «People deposit and withdraw assets everyday for a variety of different reasons. User assets at Binance are all backed 1:1 and Binance’s capital structure is debt free,» a spokesperson for the crypto exchange separately said.Meanwhile, a «Reuters» report citing unnamed sources also claims that the US Department of Justice is delaying conclusions on a criminal investigation against Binance that was launched in 2018.

«We don't have any insight into the inner workings of the US Justice Department, nor would it be appropriate for us to comment if we did,» a Binance spokesperson said in response.

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