CZ warns on turbulent times

Key points: 

• CZ has warned his employees to expect turbulent times as the major cryptocurrency exchange faces a massive cryptocurrency exodus amid concerns over its financial health.
• Binance spotted more than $900 million worth of crypto withdrawals earlier this week as users took direct custody of their tokens following a widely publicized exchange audit report released last week.
• CZ said that Binance is facing “a lot of additional scrutinies and tough questions” regarding the recent payout while ensuring that “the organization is durable and will survive any crypto winter.”

Binance CEO Changpeng “CZ” Zhao has warned his employees to expect turbulent times as the major cryptocurrency exchange faces a massive cryptocurrency exodus amid concerns over its financial health, Bloomberg reported citing an internal memo.

In a letter to employees, CZ reportedly wrote:

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,

Binance spotted more than $900 million worth of crypto withdrawals earlier this week as users took direct custody of their tokens following a widely publicized exchange audit report released last week.

Since FTX filed for bankruptcy last month, cryptocurrency exchanges have been racing to issue audit reports to certify that customers’ assets are safe.

CZ said that Binance is facing “a lot of additional scrutinies and tough questions” regarding the recent payout while ensuring that “the organization is durable and will survive any crypto winter.”