Cryptocurrency exchange Binance denies allegations of losing 90% of customers and $ 1 billion in profits

Changpeng Zhao, CEO of cryptocurrency exchange Binance, has denied CoinDesk’s claim that the exchange has lost about 90% of its customers and $ 1 billion in revenue.

As Changpeng Zhao wrote on his Twitter page, CoinDesk journalists deliberately made up a false headline to attract more users. «This is a completely false quote. Look at the numbers yourself,» Zhao wrote ironically.

It's a complete mis-quote. Look at the numbers…
😂😂😂

But the fact is, this type of headlines sell more clicks… Sad, but true. https://t.co/Zuega2hMjU

— CZ 🔶 BNB (@cz_binance) August 1, 2022

Today, the CoinDesk website published an article with the headline: «KYC Cost Exchange «billions in revenue», in which members of Binance’s compliance team responded to Binance’s fraud allegations. As it became known, in July 2021, Binance introduced withdrawal limits for unverified users. Thus, the daily withdrawal limit was reduced from 2 BTC to 0.06 BTC. This was done to combat money laundering and reduce illegal activities.