Binance Holdings Ltd. Chief Executive Changpeng ‘CZ’ Zhao downplayed concerns about the recent wave of user redemptions from the world’s largest cryptocurrency exchange, saying that customers will have no problem if needed. I said I could withdraw all the funds.
“People can withdraw 100% of the assets they hold on Binance.There is no problem on a particular day,” Zhao said in an interview with CNBC on Thursday. He pointed out that Binance does not operate on a fractional banking system, citing the practice of large banks being allowed to lend a portion of their customers’ deposits to borrowers. The cryptocurrency business “has to hold user assets one-to-one, and that’s what we do.”
