Binance users have withdrawn around $1.14 worth of crypto from the platform today (December 13), CEO Zhao confirmed.
Changpeng Zhao – CEO of Binance – said clients had withdrawn approximately $1.14 billion worth of crypto today (December 13) from the platform.
The executive assured they handled the demand and that business continues to operate “as usual.”
Zhao stated on Twitter that the recent withdrawal requests are not a black swan event, reminding that Binance has processed such an amount of transactions before, as also seen on the following chart by Nansen.
token_withdrawals_binance_131201
Source: Nansen
The CEO maintained his trading venue was not negatively affected and even believes it would be a “good idea” if each centralized exchange carried out “stress test withdrawals” from time to time.
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 https://t.co/uF9lLPDSyS
— CZ 🔶 Binance (@cz_binance) December 13, 2022
Such experiments could cost some network fees, but they can keep the industry “healthy,” he suggested.
For its part, Tether – the company that issues the stablecoin USDT – vowed to assist Binance by performing a multi-billion chain swap from the Tron network to the Ethereum network:
“In a few minutes Tether will coordinate with Binance to perform a chain swap, converting from Tron to Ethereum ERC20, for 3B USDT. The Tether total supply will not change during this process.”