If people take everything back from Binance US, we’ll still have millions in assets, CEO says

US Binance CEO Brian Schroeder assured his followers on Monday that his exchange is ready to process every last customer’s withdrawal — unlike some competitors.

He also expanded on his company’s successful bid to purchase Voyager’s $1.02 billion in assets and end the cryptocurrency lender’s bankruptcy proceedings as soon as possible.

Replaces FTX US

in a Twitter topic On Monday, Schroeder confirmed that Voyager’s 3.5 million customers will soon have access to it get their money back On the US Binance platform. Customers have not been able to access their accounts since July, despite the company obtaining court approval return Some money for investors next month.

According to Schroeder, their offer will not involve liquidating clients’ digital assets for cash, allowing them to hold their cryptocurrency. He added that the company always maintains 1:1 reserves on customer deposits, is subject to regular audits, does not offer margin trading or engage in proprietary trading and has no corporate debt.

“Binance.US is well capitalized: our assets exceed our liabilities,” he wrote. “All of our customers can withdraw their assets tomorrow, which is their right, and we will still have hundreds of millions of assets in circulation.”

According to FTX Bankruptcy attorneyA rival exchange went bankrupt for engaging in many of the activities Schroder had observed—including margin trading of client assets at Alameda Research.

While its former boss, Sam Bankman-Fried, Claims FTX US is still able to pay its debts in full, and the exchange is listed in bankruptcy proceedings. This resulted in the previous Voyager winner losing the bid on its assets, Values to $1.4 billion in October.

Schroeder continued, “We will do everything we can to expedite the legal and court approval process.” “The current goal, pending court approvals, is to provide users with access to their assets by March 2023.”

Binance vs Binance US

As with FTX US, Binance US claims to operate independently of its international variant. Its demand for regular audits contradicts Binance CEO Changpeng Zhao, who has done so claimed Audits of crypto companies are difficult.

While Binance underwent Evidence of reserves In this month’s analysis, the company in charge of cryptocurrency services quit last week due to a misunderstanding about what their reports were shown publicly.

On Monday, Grayscale CEO Michael Sonnenstein Refusal The idea that cryptocurrency exchanges can’t secure audits if they try.

If People Pull Everything Out of Binance USA, CEO Says We’d Still Have Millions in Assets, first appeared on CryptoPotato.

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