Financial Strength Tested: Can Binance Survive the Return of $2.1 Billion?

"Regarding our business practices, honesty and dependability are at the top of our list of priorities. Through our efforts, we aim to establish an unrivaled level of steadiness and reliability in the sector. In this context, we are ready to face any difficulties that come our way, including the possibility that someone will ask for a return of $2.1 billion." - CZ.

CZ continued to elaborate by saying, “we are confident in our ability to manage this potential scenario and our financial strength, even though the price of FTP has decreased over the past year. Since it was handed over to us more than a year and a half ago, we have been sitting on a sizeable amount of FTP that is estimated to be worth somewhere between $500 million and $580 million, and we have not touched it.”

"We are collaborating with auditing firms to assess our liabilities to ensure further transparency and address any concerns about the sustainability of our business. It is essential to remember that audits only sometimes reveal every potential problem; however, they can provide helpful information and assurance. Regrettably, several audit firms have chosen to refrain from collaborating with us because they need to possess all of the essential files and data required to sign off on an audit in a relaxed and confident manner."

Furthermore, according to the Binance CEO, “some companies have yet to gain prior experience auditing cryptocurrency exchanges, which can be challenging to overcome. Despite this, we are dedicated to finding a solution and ensuring that our financials are evaluated and disclosed appropriately. In a nutshell, our company is in a healthy financial position. We are committed to upholding the highest standards of transparency in all of our commercial dealings, including the possibility that someone will ask for a return of $2.1 billion.”