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On USDC, we have seen an increase in withdrawals. However, the channel to swap from PAX/BUSD to USDC requires going through a bank in NY in USD. The banks are not open for another few hours. We expect the situation will be restored when the banks open. 1/2
Since then, there has hardly been a week going by without some FUD. We learned the ability to ignore them and keep building.
We thank you for all your support over the years. And let's continue to build together. 4/4 🙏
We were a new startup, not able to reach all the media outlets. This “competitor” helped us to get the word out. I had many inquiries like: “hey, just read about you, the article is negative, but it's obviously an attack, so I want to invest in you.” 3/4
FUD helps us grow, even though they are thoroughly annoying.
You can FUD about someone without explicitly mentioning their name, which spreads awareness.
It also helps unite their supporters because it forms a common defense alliance.
Short thread. 1/4
wait binance have 60 billion in cold wallets? dis seems like 420 magnitudes more professional than ftx scrambling in absolute shit defi farms just to meet last few redemptions before they 0'd and ftx barely had a cold wallet so why are ppl scared
#BinanceUS continues its mission to become the most customer-centric organization in #crypto.
Today, we're excited to introduce a new feature called Pay.
With Pay, you can now safely & instantly send, request, & receive nearly 150 supported #cryptocurrencies with zero fees.
We saw some withdrawals today (net $1.14b ish). 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. 💪
1/2
Will make a quick prediction. Will reveal a year or two from now if accurate. 😂
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Things seem to have stabilized. Yesterday was not the highest withdrawals we processed, not even top 5. We processed more during LUNA or FTX crashes. Now deposits are coming back in. 🤷♂️💪
.@cz_binance will be live on a Twitter Space AMA today!
📅 December 14, 2022
⏰ 11:30 am UTC
📍@Binance Twitter Space
The AMA will start in 6 hours. Get your questions ready!
FUD brought "stress test", which in turn helps to build the credibility for exchanges that passes the test.
If you want to hold your own coins, feel free to use @TrustWallet. Please keep your private keys safe.
Otherwise, we are here @binance. 🙏