Binance’s CZ Teases Bumpy Road Ahead in Letter to Staff: Report


Changpeng Zhao, the Founder and CEO of Binance, warned in a staff letter about upcoming difficulties as the crypto exchange is reportedly facing scrutiny from US regulators.

According to a memo sent to staff and seen by Bloomberg, the BINANCE boss told employees that the crypto industry is going through «a historic moment,» adding that the cryptocurrency exchange is strong enough to «survive any crypto winter.»

«While we expect the next several months to be bumpy, we will get past this challenging period – and we’ll be stronger for having been through it,» Zhao said.

Zhao also admitted that Binance is currently facing «a log of extra scrutiny and tough questions» after its rival FTX collapsed. While Zhao didn’t mention any possible layoffs, he noted that his organization «was built to last.»

Zhao’s comments come as Binance has seen over $3 billion of withdrawals over the past day, according to data from Nansen.


Binance Allocates $1B to its Web3 Recovery Fund

As iHodl earlier reported, the US Department of Justice (DOJ) can’t decide on when it should charge Binance of violating money laundering rules as some federal prosecutors believe there isn’t enough evidence against the exchange.

According to Reuters’ sources close to the regulator, at least «half dozen» federal prosecutors believe that the DOJ has enough evidence to fill charges not only against Binance, but also its executives, including Zhao.


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