Binance US Chief Comments on the Exchange’s Assets

Brian Shroder, the head of leading cryptocurrency exchange in the US, Binance US, tweeted on Monday stating that, unlike other competitors, his exchange is prepared to handle every single customer withdrawal.

Shroder claims that unlike other bidders, they will not be selling its clients’ digital assets for fiat currency. He went on to say that the firm does not engage in margin trading or proprietary trading, has no corporate debt, and always keeps a one-to-one reserve on customer deposits.

He said: 

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

He elaborated on his firm’s winning bid to acquire $1.02 billion in Voyager assets and stop the bankruptcy proceedings of the defunct crypto lender.

Shroder announced Monday on Twitter that the 3.5 million Voyager users will soon have access to their money through the Binance US exchange. Since July, customers have been unable to access their accounts, however the corporation has been given permission to repay some assets to investors.

“We will do everything in our power to speed up the legal and court approval process,” Shroder further added. “Current target, pending court approvals, is to provide users access to their assets in March, 2023.”

Speculation of Binance PoR Continues

Last week, when many negative news surfaced which were related to Binance, the platform was hit by a flood of withdrawal requests following some red flags raised about the exchange’s proof of reserves. 

But the cryptocurrency exchange said in a tweet that $USDC withdrawals are back online after an hour-long break. Binance reportedly wants another audit as per the situation, but the leading group claims that the big four auditing firms are “currently unwilling” to conduct a proof-of-reserves audit.