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Binance founder insists ‘business as usual’ after $1bn pulled out in a day | Cryptocurrencies

More than a billion dollars were pulled out of Binance in a single day, according to the largest cryptocurrency exchange’s founder Changpeng Zhao, as investors across the sector continue to react to the collapse of its rival FTX.

Zhao, better known as CZ, insisted that the withdrawals were simply proof of the firm footing that Binance has, calling them a “stress test” and reassuring depositors that the exchange’s reserves were sound.

“We saw some withdrawals today,” Zhao tweeted on Tuesday. “We have seen this before. Some days we have net withdrawals; some days we have net deposits. Business as usual for us.

“I actually think it is a good idea to ‘stress test withdrawals’ on each CEX on a rotating basis,” he added, with a biceps curl emoji. Zhao insisted that Tuesday was not even in the top five days for net withdrawals.

In a statement from Binance, the company said: “We think that it’s important to note that…

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