Crypto exchange Binance said it processed $6 billion worth of withdrawals in two days – the same amount of money that led to FTX’s bankruptcy.
In a Dec. 22 blog post, Binance addressed a number of controversial questions posed by the media and crypto community which contributed to a large amount of “FUD” or “fear, uncertainty and doubt” around the exchange.
The crypto exchange disclosed that the amount of customer withdrawals between Dec. 12 and Dec. 14 hit $6 billion, but they were processed without any issues.
In contrast, during the 72-hours leading up to FTX’s declaration of insolvency, the now-defunct crypto exchange also saw $6 billion worth of withdrawals after which it froze the functionality all together.
“Facts have proved that we will win the trust of more users after this turmoil,” stated the Binance team in the blog.
Binance also addressed reports that its financials were a “black box.” These statements were made earlier this week by Andrew Thurman, an analyst from blockchain analytics firm Nansen, who told CoinDesk that Binance is a tremendously complex entity.
Thurman said that apart from the $55 billion worth of customer deposits on-chain that Binance disclosed, the rest of Binance’s financial information is still very much unknown.
“Binance does not need to disclose detailed financial status for two reasons: first, listed companies must disclose company financial details to their investors, but Binance is a private company, not a listed company; second, Binance is financially healthy Self-sufficient, no external financing needs and external investors, and no intention to go public at this stage,” said the exchange’s team in a statement.
The blog also referenced a tweet from Binance CEO Changpeng Zhao from Dec. 6, who said that “FTX destroyed itself,” as opposed to any kind of orchestrated attack from a third party. Binance doesn’t consider other exchanges to be competitors, the team said, adding that it hopes to see more blockchains, wallets and exchanges coexist within the ecosystem.