• About Us
  • Careers
  • Contact
No Result
View All Result
Saturday, September 13, 2025
DeFi Planet
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Market Analysis
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverse
    • Glossary
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Market Analysis
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverse
    • Glossary
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet
No Result
View All Result
Home News Latest News

Binance Responds to FUD, Reassures Users of Stability

23 December 2022
in Latest News, News
Reading Time: 5 mins read
107 1
Binance Responds to FUD, Reassures Users of Stability

image source: arstechnica.com

Since the FTX crash, Binance, a leading global cryptocurrency exchange, has had to deal with fear, uncertainty, and doubt (FUD). In response to the FUD, Binance released a blog post in Chinese on December 22 that addressed seven key points. 

One of these topics addressed was the temporary suspension of USDC withdrawals earlier this month. The blog post explained that during the token swap conversion period, the exchange had converted its stablecoin holdings into BUSD.

Binance stated:

“USDC does not exist on the Binance platform And other stable currency trading pairs, and users can withdraw assets denominated in BUSD at a ratio of 1:1 to USDC, USDP and TUSD at any time.”

Binance addressed the concern about having sufficient reserves to cover withdrawals by emphasizing that all user assets are supported 1:1 on the platform and that users have the option to withdraw their tokens at any time. The company also noted net withdrawals of $6 billion as evidence of stability, saying, “we have passed the test.”

Binance generates most of its revenue from transaction fees. The assets managed by the company are separate from those managed by users, which means that Binance is financially stable. The organization also asserted that it has “enough capital reserves to fund daily operations.”

Binance stated:

“Binance will not embezzle users’ funds for any transactions or investments, nor does it have any debts, nor is it on the list of creditors of any company that has recently gone bankrupt. A few negative cases do not represent the entire industry.”

Binance’s audit reports have been taken down from Mazars’ website, sparking concerns that Mazars and other large accounting firms are refusing to work with Binance. Binance argued that since Mazars is a private firm, it is not subject to disclosure requirements related to financial information.

Binance stated:

“what needs to be explained and clarified is that the audit is aimed at the financial status of the listed company, not the centralized exchange chain. The verification of the overall reserve assets on the chain is fundamentally different from the verification of assets on the chain that Binance is calling for.”

Binance stated that the verification process for BTC is only the first step and has provided an explanation for why only BTC verification is currently available. The company plans to use BTC as a starting point to quickly complete the on-chain verification of several major currencies, allowing users to query independently. 

Binance emphasized that they approach all work involving user assets with caution, especially when handling multiple currencies and large volumes, which requires collaboration with various teams, including technology, finance, security, and risk management. 

As a private company, Binance explained that it is not required to disclose its detailed financial status to investors due to its financial stability and self-sufficiency, as well as the fact that it has no plans to go public and does not require external financing or investors. 

The company also mentioned that it had been the target of sensationalized reporting from mainstream media in response to a Reuters report alleging that the US Department of Justice was investigating the company. 

Binance asserted that it has spent the most money combating cryptocurrency crime and holds the most compliance licenses globally.

Binance stated:

“We have assembled a world-class security and compliance team comprised of experts from top investigative organizations and law enforcement agencies, which has grown by more than 500% this year alone.”

Finally, Binance highlighted CEO Changpeng Zhao’s remarks that FTX, not Binance, was responsible for its own collapse.

Binance added:

“Binance will not regard other exchanges as competitors. The current industry touches less than 6% of the population. We are more focused on continuously promoting and expanding industry adoption.”

 

If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”

Don't miss out!

Subscribe To Our Newsletter

Receive top education news, lesson ideas, teaching tips and more!
Invalid email address
Give it a try. You can unsubscribe at any time.
Thanks for subscribing!
Share63Tweet40Share11
Favour Udeo

Favour Udeo

Favour is a writer, who is interested in blockchain, DeFi, and Web3 in general. She finds machine learning and emerging technologies interesting.

Related Posts

source: wublock.substack.com
Crypto

Fidelity and Canary Capital Spot ETFs for Solana, Hedera, and XRP Appear on DTCC List Ahead of SEC Decision

12 September 2025
source: thenew.money
Crypto

CleanCore Solutions Reaches Halfway Mark in $1B Dogecoin Treasury Plan

12 September 2025
source: theblock.co
Crypto

Gemini Sets IPO Price at $28, Launching on Nasdaq with $425M Valuation

12 September 2025
source: siliconcanals.com
Bitcoin

Bitcoin Consolidates as Altcoin Treasuries Drive Market Energy— Novogratz

12 September 2025

Editors Picks

Web3 in 2025: Where We Are, What’s Next, and What the Data Says

Web3 in 2025: Where We Are, What’s Next, and What the Data Says

byOlayinka Sodiq
21 July 2025
0

What Is a Rebase Token and How Does It Work?

What Is a Rebase Token and How Does It Work?

byOlajumoke Oyaleke
28 June 2025
0

What Are DeFi Options Vaults, and How Do They Work?

What Are DeFi Options Vaults, and How Do They Work?

byOlajumoke Oyaleke
26 June 2025
0

What Are Teardrop Attacks in Crypto?

byOlajumoke Oyaleke
17 June 2025
0

What Are Fractional NFTs, and How Do They Work?

What Are Fractional NFTs, and How Do They Work?

byBlessing Lisafi
7 February 2024
0

Read More

Chain of Thoughts

Zero-Knowledge Everything: Trust, Privacy, and Verification in the Digital Age

Zero-Knowledge Everything: Trust, Privacy, and Verification in the Digital Age

byOlu Omoyele
30 August 2025
0

...

What Happens When AI Gets a Wallet?

What Happens When AI Gets a Wallet?

byOlu Omoyele
31 July 2025
0

...

The Game-changing Triumvirate: Blockchain, Data Science, and Artificial Intelligence

The Game-changing Triumvirate: Blockchain, Data Science, and Artificial Intelligence

byOlu Omoyele
30 June 2025
0

...

Are Stablecoins Bank Deposits?

Are Stablecoins Bank Deposits?

byOlu Omoyele
31 May 2025
0

...

Markets Update

Your Weekend Crypto Roundup | September 2025 (Week 2)

16 hours ago

Why Are Crypto ATM Limits and Bans Surging Across the U.S?

2 days ago

Crypto Bug Bounties: How to Get Started

2 days ago

El Salvador’s Big Bitcoin Bet: Closing in on $1 Billion?

2 days ago

$312B Laundered: The Silent Truth Fiat Hides from Crypto’s Critics

2 days ago

Why the UK Needs a Stablecoin Strategy to Stay Globally Competitive

4 days ago
Read More

Events

Korea Blockchain Week 2025
Korea Blockchain Week 2025
22 Sep 25
Seoul

Spotlight

All about Ethereum
All about Algorand
All about Bitcoin
All about Gora

Press Releases

Ethereum Based Meme Coin Pepeto Presale Past $6.6 Million as Exchange Demo Launches

bychainwire
12 September 2025
0

BlockchainFX Raises $7.24M in Presale as First Multi-Asset Super App Connecting Crypto, Stocks, and Forex Goes Live in Beta

bychainwire
12 September 2025
0

Phemex Launches Multi-Assets Mode to Enhance Trading Efficiency and Risk Management

bychainwire
12 September 2025
0

Ethereum Meme Coin Little Pepe Crosses $25M, Announces 15 ETH Giveaway

bychainwire
12 September 2025
0

DOLLUM Expands Wallet Opportunities, Introducing New Security Features Following The DOL Token Sale

bychainwire
12 September 2025
0

Read More

ADVERTISING

ABOUT

TEAM

CAREERS

CONTACT

TERMS & CONDITIONS

PRIVACY POLICY

© Copyright 2025 DeFi Planet

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.

Add New Playlist

No Result
View All Result
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Market Analysis
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverse
    • Glossary
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer

© Copyright 2024 DeFi Planet   |   Terms & Conditions   |   Privacy Policy

-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00