Binance CEO Taunts US Critics as Two Banks Fail in a Week By CoinEdition

• Changpeng Zhao mocked US critics as two banks became insolvent.
• Amidst FUD, Binance processed more than $14 billion in a week.
• Binance’s spot volumes soared 13.7% to an all-time high of $504 billion.

Changpeng Zhao, the CEO of Binance, the largest crypto exchange, took to Twitter to mock US detractors as two major banks in the United States went bankrupt and were unable to handle customer withdrawals.

“They FUD us, and banks fail,” Zhao tweeted, commenting on how Binance withstood the ceaseless negative propaganda from US entities that wished the exchange would collapse. However, the difficulty was on the part of US-based businesses.

They FUD us, and banks fail. https://t.co/DyrIESJRjP

— CZ Binance (@cz_binance) March 11, 2023

The two newly insolvent US banks are Silicon Valley Bank, with $209 billion in total assets, and Silvergate, a crypto-focused bank. After the collapse of the FTX crypto exchange last November, Binance had to deal with constant negative narratives from several quarters that claimed the largest crypto asset manager was also facing a liquidity crisis.

Due to fear, uncertainty, and doubt, crypto enthusiasts hurriedly withdrew their funds from Binance. Contrary to the extreme FUD at the time, Binance made it through what some people called one of the most extensive stress tests any financial organization has ever faced. According to on-chain data, the exchange processed more than $14 billion in withdrawals within weeks.

Interestingly, data shows that Binance’s reserves have kept on increasing. According to a recent report, Binance held a dominant position over its rivals in the crypto spot market share for the last four months.

Source: CryptoCompare.com

CryptoCompare, a market research firm, noted that Binance’s spot volumes rocketed 13.7% to an all-time high of $504 billion, outshining other top-tier crypto exchanges, such as Coinbase (NASDAQ:) and Kraken, by a wide margin despite the regulatory restrictions and community FUDs.

The post Binance CEO Taunts US Critics as Two Banks Fail in a Week was first published on Coin Edition.

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