BNB

Binance.US CEO Says Company Would Still Have Millions If There’s a Bank Run

by BSCN

December 20, 2022

Shroder reassures users to the solvency of the US franchise arm to the world's largest exchange.

Binance.US CEO Proclaims Over Solvency

Binance.US CEO and President Brian Shroder claims the US arm of Binance would still have millions in assets if every user withdrew all their money.

In a ten-part Twitter thread on Dec. 19 that addressed his firm's acquisition of Voyager’s billions of bankrupt assets, Shroder made use of the moment to reiterate the transparency of Binance.US.

5/ At https://t.co/Wc26vM6jnW, we take a customer & compliance first approach to every business decision we make. We're one of the most licensed digital asset exchanges in the country – operating in 46 states & 3 territories – & we NEVER trade or lend our customers’ funds.
— Brian Shroder (@BrianShroder) December 19, 2022

During a market environment full of FUD and turmoil, Shroder reminded users that Binance.US is the “most licensed digital asset exchanges in the country – operating in 46 states & 3 territories.”

It wasn't until the seventh tweet in the thread that Shroder assured his 11k followers that Binance.US backs users’ funds 1-1 and could withstand a run if every user withdrew their funds.

7/ https://t.co/Wc26vM6jnW is well capitalized: our assets exceed our liabilities. All of our customers could withdraw their assets tomorrow, which is their right & we would still have hundreds of millions of current assets.
— Brian Shroder (@BrianShroder) December 19, 2022

The reserve funds of many crypto exchanges have been in the public eye recently. Binance.US is subject to audits and regulatory reporting as a centralized exchange within the United States.

What is Binance.US:

Binance.US is the American arm of the world’s largest cryptocurrency exchange platform, Binance. Users on the platform can buy, sell, and trade over 60 popular crypto assets, including Ethereum (ETH), Solana (SOL), BNB Chain (BNB), and Bitcoin (BTC).