Binance CEO Changpeng ‘CZ’ Zhao Addresses Recent Rumors, Asserts Strong Financials and Employee Stability
In response to recent rumors, Binance’s co-founder and CEO, Changpeng ‘CZ’ Zhao, has emphasized the company’s sound financial position and the retention of its employees, despite recent market volatility.
In a Twitter post dated September 7, CZ attributed the prevailing atmosphere of fear, uncertainty, and doubt (FUD) to negative news, rumors, banking concerns, legal actions, the closure of fiat gateways, product scaling back, and employee turnover.
He took the opportunity to provide further clarity regarding Binance’s current financial status:
“Just to be clear, what we absolutely don’t have are liquidity problems,” CZ emphasized. “We are meticulously handling all withdrawals and deposits, and all customer funds are securely stored and 100% reserved.”
However, observers have noted a notable turnover in Binance’s executive team, with at least 10 executives departing between July and September. This includes individuals such as Patrick Hillmann, the former Chief Strategy Officer; Mayur Kamat, the former Product Lead; Leon Foong, the former Head of Asia-Pacific; and Steven Christie, the former Senior Vice President for Compliance.
Nonetheless, CZ explained back in July that employee turnover is a commonplace occurrence for any company, especially within the rapidly evolving landscape of cryptocurrency.
In a recent statement, CZ mentioned that Binance most likely boasts one of the lowest turnover rates among founding teams in the tech startup industry, given its size and age, on a global scale.
Furthermore, the Binance CEO highlighted recent achievements within the cryptocurrency sector. These achievements include the introduction of fresh fiat gateways and products, the recruitment of new talent, expansion into new markets, and notable legal victories, particularly those of Ripple and Grayscale Investments against the United States Securities and Exchange Commission.