Market News

Binance addresses seven issues that have caused fear, uncertainty, and doubt (FUD) among its users

CZ Binance Zhao Changpeng, chief executive officer of Binance, poses for a photograph in Tokyo, Japan, on Thursday, Jan. 11, 2018. Photographer: Akio Kon/Bloomberg

Binance has published a blog post in Chinese to address seven issues that have caused fear, uncertainty, and doubt (FUD) among its users.

The first issue addressed was the temporary suspension of USDC withdrawals earlier this month, which Binance explained was due to a “token swap” conversion period.

It also confirmed that it has sufficient reserves for withdrawals, and that its financial status is healthy due to its profit from transaction fees.

In response to reports that auditing firms Mazars and the “Big Four” had refused to work with crypto companies, Binance stated that encrypted on-chain verification is a new field that these companies may not have the capacity to handle.

It also addressed a Reuters report claiming that the US Department of Justice was investigating the company, stating that mainstream media has targeted it with false reporting and that it has the most compliance licenses in the world and works to fight crypto crime.

Finally, it reiterated that CEO Changpeng Zhao did not destroy FTX, and that Binance does not regard other exchanges as competitors.


I'm a crypto, blockchain, and tech writer. I spend my time researching and writing about cryptocurrency, NFT, AI, and new technology.