Binance CEO Changpeng Zhao has responded with a series of tweets to a Forbes post about “billions of exchange collateral being moved.”
Zhao has stated that he was very reluctant to spend time writing another FUD article with a lot of accusations, deliberately distorted facts and mentioning his ethnicity as a significant factor. He has said:
“Forbes doesn’t seem to understand how stock exchanges work. Our users can withdraw their assets any time they want. And journalists turn these conclusions into receiving hundreds of millions of displaced collateral.”
According to him, despite the desire of Forbes to combine Binance and FTX into one category, their approach to doing business is completely different. Zhao has recalled that Binance survived the $3 billion daily outflow of stablecoins in December 2022.
The exchange also continues to protect the security and privacy of customers by integrating zk-SNARK into its reserve confirmation mechanism. Separately, he has emphasized that user funds on Binance are “always 1:1 secured.”