#Binance

🛡️ Binance denies rumors of a massive outflow of funds: what is happening?

In recent days, panicked reports have been circulating on the network that Binance allegedly withdrew from $ 10 to $ 17 billion in a week. Crypto analysts at X (Twitter) are calling for an urgent withdrawal of assets, hinting at the risk of insolvency.

Here is the official position of the exchange and the facts:

• False data: Binance claims that the figures from services such as Coinglass and DefiLlama contain discrepancies. A full update and correction of the data will take 24 to 48 hours.

• Stress tests are the norm: The company encourages users to regularly conduct test withdrawals to ensure the safety of their addresses. Moreover, Binance has proposed introducing an annual “Withdrawal Day” for the entire industry.

• Reserves are OK: According to the Proof-of-Reserves report, all assets on the exchange are currently overcollateralized. This means that USD reserves exceed the value of users’ crypto assets.