[ad_1] <br><div id="RegularArticle-ArticleBody-5" data-module="ArticleBody" data-test="articleBody-2" data-analytics="RegularArticle-articleBody-5-2"><span class="HighlightShare-hidden" style="top:0;left:0"/><div class="InlineImage-imageEmbed" id="ArticleBody-InlineImage-107153139" data-test="InlineImage"><div class="InlineImage-wrapper"><div><p>Binance's Co-founder &amp; CEO Changpeng Zhao has given a number of interviews discussing the outlook for cryptocurrency following a turbulent couple of weeks out there.</p><p>NurPhoto / Contributor / Getty Photos</p></div></div></div><div class="group"><p>Over a month after the collapse of <a target="_blank" href="https://www.cnbc.com/2022/11/11/sam-bankman-frieds-cryptocurrency-exchange-ftx-files-for-bankruptcy.html" rel="noopener">FTX</a>, investor concern over crypto trade<strong> </strong>Binance is not fading.</p><p>Binance's<strong> </strong>native token, BNB, has fallen 15% prior to now week, together with a drop of over 6% prior to now 24 hours. BNB, first minted in 2017, is<strong> </strong>the world's fifth most useful cryptocurrency, with a market cap of about $39 billion, in line with <a target="_blank" href="https://coinmarketcap.com/currencies/bnb/" rel="noopener">CoinMarketCap</a>. It is behind solely <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-3"><a target="_blank" href="https://news.google.com/quotes/BTC.CB=/" rel="noopener">bitcoin</a><span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span>, <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-4"><a target="_blank" href="https://news.google.com/quotes/ETH=/" rel="noopener">ethereum</a><span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span>, tether and USD Coin.</p><p>The most recent problem looming over Binance is FTX's chapter proceedings. Binance was the primary outdoors investor in FTX. In exiting its fairness place within the firm final 12 months, Binance obtained cost equal to roughly $2.1 billion.</p><p>In an interview with CNBC's "<a target="_blank" href="https://www.cnbc.com/squawk-box-us/" rel="noopener">Squawk Box</a>" on Thursday, Binance CEO Changpeng Zhao dismissed issues that his firm may have that cash clawed again as FTX winds its method by means of chapter court docket and trustees look to retrieve any <a target="_blank" href="https://www.cnbc.com/2022/12/13/us-indicts-sam-bankman-fried-on-conspiracy-to-defraud-the-us-wire-fraud-securities-fraud-and-money-laundering.html" rel="noopener">fraudulent conveyances</a> made by FTX to outdoors companies or traders.</p></div><div role="region" aria-labelledby="Placeholder-ArticleBody-Video-107166847"><div role="button" tabindex="0" id="Placeholder-ArticleBody-Video-107166847" class="PlaceHolder-wrapper" data-vilynx-id="7000277597" data-test="VideoPlaceHolder"><div class="InlineVideo-videoEmbed" id="InlineVideo-0" data-test="InlineVideo"><div class="InlineVideo-wrapper"><div class="InlineVideo-inlineThumbnailContainer"><img class="InlineVideo-videoThumbnail" src="https://image.cnbcfm.com/api/v1/image/107166848-16711131791671113173-27167584614-1080pnbcnews.jpg?v=1671114403&amp;w=750&amp;h=422&amp;vtcrop=y" alt="Watch CNBC's full interview with Binance CEO Changpeng Zhao"/></div></div></div></div></div><div class="group"><p>"We're financially OK," Zhao mentioned, after he was requested by CNBC's Becky Fast if the corporate may deal with a $2.1 billion demand.</p><p>Crypto traders have develop into skeptical of feedback from high executives in regards to the monetary well being of their corporations. FTX founder and ex-CEO Sam Bankman-Fried mentioned on Twitter that his firm's belongings have been high-quality, at the same time as executives knew it was within the midst of a liquidity crunch that finally pressured the trade out of business. Bankman-Fried was arrested this week within the Bahamas and <a target="_blank" href="https://www.cnbc.com/2022/12/13/us-indicts-sam-bankman-fried-on-conspiracy-to-defraud-the-us-wire-fraud-securities-fraud-and-money-laundering.html" rel="noopener">charged</a> by U.S. prosecutors with fraud and cash laundering.</p><p>Withdrawal calls for are one other space of concern. <a target="_blank" href="https://www.cnbc.com/2022/12/14/binance-ceo-cz-deposits-coming-back-in-but-bumpy-road-ahead.html" rel="noopener">Zhao said</a> that round $1.14 billion of web withdrawals happened on Tuesday, however tweeted that this was "not the best withdrawals we processed, not even high [five]." On Wednesday, he mentioned the scenario had "stabilized." Blockchain analytics agency Nansen mentioned the <a target="_blank" href="https://www.cnn.com/2022/12/14/investing/binance-withdrawals-crypto-intl-hnk/index.html" rel="noopener">withdrawal number</a> on Tuesday reached as excessive as $3 billion.</p></div><div class="group"><div class="RelatedContent-relatedContent" id="RegularArticle-RelatedContent-1"><div class="RelatedContent-container"><div class="RelatedContent-nonCollapsibleContent"><h2 class="RelatedContent-header">Learn extra about tech and crypto from CNBC Professional</h2></div></div></div></div><div class="group"><p>A Binance spokesperson advised CNBC in an announcement that, "we handed this excessive stress take a look at as a result of we run a quite simple enterprise mannequin – maintain belongings in custody and generate income from transaction charges." The spokesperson didn't present a direct response to a query in regards to the drop in BNB.</p><p>Binance and<strong> </strong>FTX have been intimately related. Zhao introduced publicly final month that his firm was <a target="_blank" href="https://cointelegraph.com/news/binance-to-liquidate-its-entire-ftx-token-holdings-after-recent-revelations#:~:text=Nov%2007%2C%202022-,Binance%20to%20liquidate%20its%20entire%20FTX%20Token%20holdings%20after%20'recent,the%20size%20of%20its%20position." rel="noopener">liquidating its position in FTT</a>, FTX's native coin, amid issues surrounding the solvency of each FTX and its sister buying and selling agency, Alameda Analysis.</p><p>FTX then confronted a direct surge in withdrawal calls for, and Binance stepped in with a <a target="_blank" href="https://www.cnbc.com/2022/11/08/binance-offers-to-buy-ftxs-non-us-operations-to-fix-liquidity-crunch.html" rel="noopener">non-binding agreement</a> to accumulate the corporate as a part of a rescue plan. A day later, <a target="_blank" href="https://www.cnbc.com/2022/11/09/binance-backs-out-of-ftx-rescue-leaving-the-crypto-exchange-on-the-brink-of-collapse.html" rel="noopener">Binance backed</a> out of the deal, stating that FTX's "points are past our management or means to assist."</p><p>Like all the main crypto initiatives and firms, Binance developed its personal forex. On its <a target="_blank" href="https://www.binance.com/en/bnb" rel="noopener">website</a>, the corporate says folks can "use BNB to pay for items and companies, settle transaction charges on Binance Good Chain, take part in unique token gross sales and extra." Areas the place BNB can be utilized, the positioning says, embrace cost, journey and leisure.</p><p>There is a circulating provide of about 160 million BNB out of a complete most provide of 200 million, in line with CoinMarketCap. <a target="_blank" href="https://www.bloomberg.com/news/articles/2022-06-06/us-probes-binance-over-token-that-is-now-world-s-fifth-largest" rel="noopener">Bloomberg reported</a> in June that the SEC was investigating whether or not the 2017 token sale amounted to a safety supplied that ought to have been registered with regulators.</p><p><em>— CNBC's MacKenzie Sigalos contributed to this report.</em></p><p><strong>WATCH:</strong> <a target="_blank" href="https://www.cnbc.com/video/2022/12/16/regulators-highlight-top-risks-commercial-real-estate-credit-losses-and-crypto.html" rel="noopener">Regulators highlight top risks: commercial real estate, credit losses, crypto</a></p></div><div role="region" aria-labelledby="Placeholder-ArticleBody-Video-107167725"><div role="button" tabindex="0" id="Placeholder-ArticleBody-Video-107167725" class="PlaceHolder-wrapper" data-vilynx-id="7000277835" data-test="VideoPlaceHolder"><div class="InlineVideo-videoEmbed" id="InlineVideo-0" data-test="InlineVideo"><div class="InlineVideo-wrapper"><div class="InlineVideo-inlineThumbnailContainer"><img class="InlineVideo-videoThumbnail" src="https://image.cnbcfm.com/api/v1/image/107167727-1671212846165-1671212604-27189814152-hd.jpg?v=1671212924&amp;w=750&amp;h=422&amp;vtcrop=y" alt="Regulators highlight top risks: Commercial real estate, credit losses and crypto"/><span class="InlineVideo-videoButton"/><span/></div></div></div></div></div></div> <br>[ad_2] <br><a href="https://news.google.com/__i/rss/rd/articles/CBMiW2h0dHBzOi8vd3d3LmNuYmMuY29tLzIwMjIvMTIvMTYvYmluYW5jZXMtbmF0aXZlLWJuYi10b2tlbi1wbHVuZ2VzLXRvLWxvd2VzdC1zaW5jZS1qdWx5Lmh0bWzSAV9odHRwczovL3d3dy5jbmJjLmNvbS9hbXAvMjAyMi8xMi8xNi9iaW5hbmNlcy1uYXRpdmUtYm5iLXRva2VuLXBsdW5nZXMtdG8tbG93ZXN0LXNpbmNlLWp1bHkuaHRtbA?oc=5">Source link </a>