If People Pulled Everything Out of Binance US, We’d Still Have Millions in Assets, CEO Says

On Monday, Binance’s US chief Brian Shroder assured his followers that his exchange was ready to process every last customer withdrawal, unlike some competitors.

He also expanded on his company’s successful bid to buy Voyager’s assets worth $1.02 billion and end the defunct crypto lender’s bankruptcy proceedings as soon as possible.

FTX US Replacement

In one Twitter feed Monday, Shroder confirmed that Voyager’s 3.5 million customers will soon be able to access their funds on the Binance US platform. Customers have not been able to access their accounts since July, despite the company receiving court approval to return certain funds to investors the following month.

According to Shroder, their offer will not involve liquidating customers’ digital assets for cash, allowing their crypto to be held. He added that the company still maintains 1:1 reserves on customer deposits, is subject to regular audits, does not offer margin trading or engage in proprietary trading and does not hold any debt. of business.

“Binance.US is well capitalized: our assets exceed our liabilities,” he writes. “All of our customers could withdraw their assets tomorrow which is their right and we would still have hundreds of millions in current assets.”

According to FTX bankruptcy lawyerthe rival exchange became insolvent due to involvement in numerous activities listed by Shroder, including margin trading with the assets of Alameda Research clients.

While his former boss, Sam Bankman-Fried, complaints FTX US is still fully solvent, the exchange has been included in the bankruptcy proceedings. This left Voyager absent from the previous bid winner for its assets, valued to $1.4 billion in October.

“We will do everything in our power to expedite the legal and judicial approval process,” Shroder continued. “The current goal, pending court approvals, is to provide users with access to their assets in March 2023.”

Binance vs. Binance US

Similar to FTX US, Binance US claims to operate independently of its international variant. His claim to regular audits contrasts with that of Binance CEO Changpeng Zhao, who has claims that audits are hard to come by for crypto companies.

While Binance suffered a proof of reserves analysis this month, the firm responsible dropped its crypto services last week due to misunderstandings about the nature of their publicly presented reports.

On Monday, Grayscale CEO Michael Sonnenshein refuse the idea that crypto exchanges cannot secure audits if they try to.


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