Binance Was Once FTX’s Rival. Now It’s Trying Not To Be Its Sequel

Fallout from the catastrophic collapse of the cryptocurrency exchange FTX continues to spread, and fear and panic has now turned to FTX’s one-time rival, Binance.

Approximately $1.14 billion was withdrawn from Binance on Tuesday, as the crypto world digested news that FTX’s founder, Sam Bankman-Fried, had been arrested in the Bahamas, along with a report about government scrutiny of Binance.

The company’s CEO, Changpeng Zhao, who is better known as “CZ,” dismissed the outrush of cash as “business as usual” for the world’s largest crypto exchange.

“We have seen this before,” he wrote on Twitter. “Some days we have net withdrawals; some days we have net deposits.”

The company offered reassurances in a statement that the withdrawals were “managed with ease.”

There were also signs, though, of uneasiness, when Binance halted withdrawals of a so-called “stable coin” called USDC, for about eight hours on Tuesday.

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