![]() Throughout the interview Zhao sought to distance his company’s practices from those of FTX, which authorities have alleged mishandled customer funds, using some to cover the bad debts of sister trading firm Alameda Research. Binance’s founder, who accumulated as much wealth as Mark Zuckerberg in a quarter the time, explains how it feels to become unfathomably rich virtually overnight. Binance, one of the worlds biggest cryptocurrency firms, will take a 200m (£147.6m) stake in Forbes in the latest twist for the 105-year-old media brand. Jun.22 - Changpeng Zhao, Founder and CEO, Binance speaks with Bloomberg’s Tracy Alloway at the Qatar Economic Forum, powered by Bloomberg, about Bitcoin, me. He added some did not know how to audit crypto exchanges. Asked why his firm had not opted for a full financial audit, Zhao said many audit firms were wary of working with crypto businesses out of for fear of reputational damage. In 2020, Binance reached US2 trillion in total trading volume, and its Binance Coin (BNB) is now the third-biggest cryptocurrency by market cap. According to CZ, the outage was caused by a software bug in its spot-matching engine, which processes users’ trade orders. What started as an idea in the mind of a young entrepreneur became a success story of one of the largest cryptocurrency exchange platforms (with one of the best crypto referral programs) in the world. Many exchanges have looked to calm nerves by publishing partial views of their holdings, or so called “proof-of-reserves,” which fall short of full financial audits and have failed to convince investors. 45-year-old Zhao Changpeng goes by the nickname CZ, and is the founder and CEO of Binance, the largest cryptocurrency exchange in the world. Binance CEO Changpeng Zhao (CZ) provided live updates on today’s outage that forced the exchange to halt spot trading. The founder of Binance is Changpeng Zhao, famously known as CZ by his followers. Binance was hit with about $1.14 billion of net withdrawals on Tuesday, but the situation stabilized later in the week. FTX’s rapid downfall has prompted some users to take control of their assets, leading to a jump in outflows across industry exchanges. ![]() Crypto businesses should “hold user assets 1-to-1 and that is what we do.”ĭigital asset platforms are facing a crisis in investor confidence following the swift collapse of Sam Bankman-Fried’s FTX exchange which was precipitated last month by a surge in withdrawals. He noted that Binance doesn’t operate on a fractional banking system, referring to the practice by large banks through which they are allowed to lend a proportion of their customers’ deposits to borrowers. “People can withdraw 100% of the assets they have on Binance, we will not have an issue in any given day,” Zhao said during an interview on CNBC Thursday. Changpeng Zhao es un empresario canadiense. Chief Executive Officer Changpeng ‘CZ’ Zhao downplayed concern about a recent wave of user redemptions from the world’s biggest cryptocurrency exchange, saying that customers could pull back all their funds without any problem if needed. (REUTERS) The founder of Binance has joked that he is poor again after losing billions of dollars worth of cryptocurrency following the market’s crash.
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