Binance CEO says deposits are 'coming back in' despite crypto turmoil

By Ovunc Kutlu

ISTANBUL (AA) - The CEO of Binance, the world’s largest cryptocurrency exchange, said Wednesday that deposits are "coming back in" despite the recent turmoil in the cryptocurrencies market.

"Things seem to have stabilized. Yesterday was not the highest withdrawals we processed, not even top 5. We processed more during LUNA or FTX crashes. Now deposits are coming back in," Changpeng Zhao wrote in a tweet.

"We saw some withdrawals today (net $1.14b ish). We have seen this before. Some days we have net withdrawals; some days we have net deposits. Business as usual for us. I actually think it is a good idea to 'stress test withdrawals' on each CEX on a rotating basis," he added.

The announcement comes a day after Binance said it had temporarily paused withdrawals of USDC stablecoin from its platform.

The company's move Tuesday came as investors worried that an implosion by rival exchange platform FTX could cause a snowball effect in the crypto market and negatively affect Binance.