Binance’s Chief Executive Officer Changpeng «CZ» Zhao has warned his staff to expect turbulent times ahead as the giant crypto exchange sees a wave of crypto outflows amid concerns about its financial health, Bloomberg reported, citing an internal memo.
«While we expect the next several months to be bumpy, we will get past this challenging period – and we’ll be stronger for having been through it,» CZ wrote to his staff, according to the report.
Binance saw crypto withdrawals worth more than $900 million early this week as users took direct custody of their coins in the wake of widespread criticism of the exchanges’ audit report published last week.
Cryptocurrency exchanges have been in a race to publish their audit report to prove customer assets are safe ever since FTX filed for bankruptcy last month.
Binance was not immediately available for comment when contacted by CoinDesk.
CZ said that Binance is facing «a lot of extra scrutinies and tough questions», referring to recent withdrawals, while assuring that the «organization is built to last and will survive any crypto winter.”
Read more: Binance Withdrawals Surge as Concerns About Its Reserve Report Spook Traders