Binance addresses 7 instances of recent FUD in Chinese blog post

The world’s largest crypto exchange, Binance, has been dealing with a torrent of FUD (fear, uncertainty, and doubt) since the downfall of FTX. The steadfast is present warring backmost with its latest blog post.

On Dec. 22, Binance published a blog post successful Chinese to code 7 cardinal issues the institution wanted to wide up. At the clip of writing, determination was nary English connection mentation available.

The archetypal of which was the impermanent suspension of USDC withdrawals earlier this month. It explained that this was done during a "token swap" conversion play with the speech consolidating its stablecoin reserves into BUSD.

The adjacent happening it addressed was the availability of capable reserves for withdrawals. It confirmed that “all users’ assets successful Binance are supported 1:1,” and that its fiscal presumption was precise steadfast since it makes ample profits connected transaction fees. On Dec. 16, CryptoQuant verified Binance's reserves, reporting that determination was nary “FTX-like” behavior.

“Binance volition not embezzle users’ funds for immoderate transactions oregon investments, nor does it person immoderate debts, nor is it connected the database of creditors of immoderate institution that has precocious gone bankrupt.”

Regarding Mazars and the “big four” auditing firms refusing to enactment with crypto companies, it said that encrypted on-chain verification was a caller tract that these companies whitethorn not person the capableness to transportation out.

It noted that these audits are typically aimed astatine the fiscal concern of the listed company, not verifying reserve assets.

Mazars has since removed Binance audit reports from its website. Binance besides stated that it did not request to disclose fiscal accusation due to the fact that it was a backstage company, not a listed one.

“In galore jurisdictions wherever we operate, we person shared oregon are sharing operational and fiscal accusation arsenic required by section regulators.”

Regarding a Reuters report claiming that the U.S. Department of Justice was investigating the company, Binance stated that mainstream media has been targeting the institution with salacious reporting for rather a portion now. It added that it had the astir compliance licenses successful the satellite and spent the astir warring crypto crime.

Related: SBF risks 115 years successful jail, Binance’s FUD, and auditors discontinue crypto

Finally, the blog station reiterated CEO Changpeng Zhao’s comments that Binance did not destruct FTX, it did that itself. Binance does not respect different exchanges arsenic competitors, it said earlier adding “we are much focused connected continuously promoting and expanding manufacture adoption.”

So determination you person it. The FUD has been refuted but that hasn’t prevented an exodus from the exchange successful caller weeks arsenic investors moved to self-custody their crypto assets.