Binance is once again in the middle of massive FUD as news broke on Thursday that a number of executives have left the crypto exchange. However, the exchange and its CEO Changpeng “CZ” Zhao seem to be unfazed by this. While the negative news spreads it has mostly been limited to social media platforms, while the exchange itself continues to thrive.
CZ Says Binance Is Not FTX
One rumor that has followed the number of problems that the crypto exchange has been subject to over the last month is that Binance could be facing bankruptcy. Given the fact that the FTX exchange collapsed following massive FUD on social media that triggered a bank run, there have been speculations that Binance could go the same way.
However, Binance has continued to pull through each roadblock as it defiles all negative expectations. To this end, CZ responded to a tweet from a supporter who said that “Binance is not FTX and won’t go away.” According to the CEO, some have tried to make the exchange look like another FTX waiting to happen but that is not the case. “They keep trying to make us ‘look like’ FTX, but we are not,” the CEO responded.
Zhao has also addressed the rumors that the execs that left the company did so because they disagreed with him. He explained in a tweet that turnover happens at every company and Binance is no different, especially “as our organization evolves, and as personal situations change.”
One of the execs departing the company also took to the platform to clear the air. Steven Christie, a compliance officer, explained that he was simply leaving due to personal reasons, and his explanations point toward focusing on family life.
“It is time for me to take some time for myself and my family, try and get healthier, lose the weight, start working on the “honey-do” list, start helping around the house, be more resent for my kids, take a few naps when I can escape the wife,” Christie concluded.
Inflows Near $2 Billion Despite Widespread FUD
The FUD around regulatory concerns and some executives exiting the company has not made a dent in Binance’s operations. Rather, the exchange has seen an impressive amount of inflows happening in the last 24 hours alone.
Data from the CEX Transparency page on DeFiLlama shows that in the last day, a total of $1.936 billion flowed into the exchange. On the 7-day chart, the exchange’s inflows have crossed $2.1 billion, bringing its total assets to $61.243 billion.
This increase in daily inflows despite being hounded by negative news goes to show the exchange’s standing in the market. Binance remains the largest crypto exchange in the world with daily trading volumes of almost $10 billion, according to Coinmarketcap.