Binance CEO Changpeng ‘CZ’ Zhao said on March 10 that the exchange has no exposure to embattled U.S. bank Silicon Valley Bank (SVB) Zhao said Binance does not have exposure to SV
Highlights
- Binance CEO Changpeng ‘CZ’ Zhao said on March 10 that the exchange has no exposure to embattled U.S.
- bank Silicon Valley Bank.
- The disclosure had become necessary after reports emerged that some crypto banks like Circle and bankrupt lender BlockFi had exposure to the firm.
- Binance has suspended USD Coin (USDC) auto-conversion to its Binance USD (BUSD) due to current market conditions, citing high inflows that have increased the conversion burden.
- CZ hinted that he could consider buying a bank following the recent issues with crypto-friendly banks such as FTX and Silvergate.
- Kraken said it has intentions to open a bank.
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