In a recent interview, Binance CEO Changpeng Zhao (CZ) addressed the liquidity fears of crypto investors as he revealed that the firm has a “very solid revenue” and is a self-contained organization.
Commenting on the FUD, Zhao stated:
Zhao also reflected on the recent halting of USDC withdrawals, as he called the glitch far from being a liquidity issue. He added that it was a conversion issue that was going through the bank. The crypto exchange does not use customers’ money as they have a very solid revenue, added Zhao.
CZ said that the firm does the auto conversion of USDC which is not issued by the crypto exchange Binance. It is issued by New York‘s licensed entity. The reserves are thus in New York. He further explained that there are many different types of stablecoin on Binance which makes it difficult …
The post CZ: Binance Has a Solid Revenue and Is a Self-Contained Organization appeared first on Coin Edition.
See original on CoinEdition
Source: Cryptocurrency - investing.com
