Binance CEO Changpeng ‘CZ’ Zhao warned staff in an internal memo that he expects the next few months to be “bumpy” for the exchange. Although Binance faces “tough questions” following the collapse of rival exchange FTX, CZ wrote that he expects that the firm will emerge stronger from the “challenging period.” Those challenges include intense scrutiny over its recent “proof of reserves” report, a historically high number of withdrawals over the past week, and reports that the U.S. Department of Justice is considering criminal charges against Binance executives including CZ.
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