Binance’s US head Brian Shroder assured followers on Monday that his exchange is ready to process every last customer withdrawal, unlike some competitors.
He also extended his company’s successful bid to buy Voyager’s assets worth $1.02 billion and end the bankruptcy proceedings of the defunct cryptocurrency lender as soon as possible.
Replacing FTX US
In a Twitter thread Monday, Shroder confirmed that Voyager’s 3.5 million customers will soon be able to access your funds on the Binance US platform. Customers have been unable to access their accounts since July, even though the company received court approval come back some funds to investors the following month.
According to Shroder, its offering will not involve liquidating customers’ digital assets for cash, allowing them to retain their crypto. He added that the company always maintains 1:1 reserves on customer deposits, is subject to regular audits, does not offer margin trading or engage in proprietary trading, and has no corporate debt.
“Binance.US is well capitalized – our assets exceed our liabilities,” he wrote. “All of our customers could withdraw their assets tomorrow, which is their right, and we would still have hundreds of millions of current assets.”
According to FTX’s bankruptcy attorney, the rival exchange became insolvent due to engaging in many of the activities Shroder listed, including margin trading with client assets at Alameda Research.
While his former boss, Sam Bankman-Fried, claims FTX US is still fully solvent, the exchange was placed in bankruptcy proceedings. This left Voyager absent the previous winner of the bid for its assets, valued to $1.4 billion in October.
“We will do everything in our power to expedite the legal and judicial approval process,” Shroder continued. “The current goal, pending court approvals, is to provide users with access to their assets by March 2023.”
Binance VS Binance USA
As with FTX US, Binance US aims to operate independently of its international variant. His claim of regular audits contrasts with those of Binance CEO Changpeng Zhao, who has done so claimed that audits are difficult for crypto companies to achieve.
While Binance underwent a proof of reservations analysis this month, the company responsible dropped its crypto services last week due to misunderstandings about which of its reports were publicly presented.
On Monday, Grayscale CEO Michael Sonnenshein denied the idea that crypto exchanges can’t secure audits if they try.
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