Changpeng Zhao “CZ”, CEO and co-founder of Binance, has dismissed recent rumors about his company, affirming that its financial health and employee retention are strong despite the recent market volatility.
In a post on Twitter on September 7, the Binance chief attributed the environment of fear, uncertainty, and doubt (FUD) to negative news, rumors, bank runs, and lawsuits, closing of fiat channels, product wind-downs, and employee turnovers. He took the opportunity to clarify Binance’s financial status: “Guess what we don’t have? No liquidity issues,” CZ stated emphatically. “All withdrawals (and deposits) are properly handled. All customer funds are #SAFU, and 100% reserved.”
Observers have noted that at least 10 Binance executives, including Patrick Hillmann, former chief strategy officer; Mayur Kamat, former product lead; Leon Foong, former head of Asia-Pacific; and Steven Christie, former senior vice president for compliance, left the company between July and September. However, CZ noted in July that employee turnover is a reality for every company, especially in a fast-evolving sector like cryptocurrency. In a recent post, CZ mentioned that Binance “probably also [has] the lowest founding team turnover of any tech start-up of our size and age, in the world.”
Additionally, the Binance CEO highlighted recent positive developments in the cryptocurrency industry, including the launch of new fiat channels and products, new hires, new markets, and legal victories—specifically, Ripple and Grayscale Investment’s triumphs against the United States Securities and Exchange Commission.
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