Binance CEO Warns Colleagues ‘Crypto Winter’ Isn’t Over: Bloomberg

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Although we expect the next few months to be bumpy, we will overcome this difficult period and be much stronger for getting through it, Bloomberg reported in an internal memo.

Zhao, who often just uses his initials, CZ blamed the collapse of top competitor FTX for adding “lots of extra reviews and tough questions” to Binance. On Tuesday, a US grand jury charged former FTX CEO Sam Bankman-Fried with committing or conspiring to commit fraud on FTX customers and lenders, as well as money laundering. He was reportedly denied bail and placed in the custody of the Bahamas Corrections Department.

Also on Tuesday, Binance saw a record amount of bitcoin and ether withdrawals as uncertainty surrounding centralized exchange liquidity grows. The outflows caused a temporary freeze in USD coin withdrawals, though CZ largely dismissed concerns that the exchange would have liquidity issues.

Meanwhile, the US Department of Justice continues to consider indicting Binance for possible money laundering violations and criminal penalties, Reuters reported on Monday.

Disclaimer: As of 2021, Michael McCaffrey, the former CEO and majority owner of The Block, took out a series of loans from founder and former CEO of FTX and Alameda, Sam Bankman-Fried. McCaffrey resigned from the company in December 2022 after failing to disclose these transactions.

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