March 28, 2023

Changpeng Zhao, the CEO of Binance, the largest cryptocurrency exchange, took to Twitter to mock US critics after learning that two major banks in the country had gone bankrupt and were unable to process client withdrawals. Zhao tweeted that while US groups had continuously spread negative propaganda about Binance, the exchange remained strong, and it was the US corporations that had failed. The recent failures were those of Silicon Valley Bank, with a total asset value of $209 billion, and Silvergate, a bank that focused on cryptocurrency. Binance had previously weathered the storm of the FTX cryptocurrency exchange’s failure in November 2020.

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