Binance founder insists ‘business as usual’ after $1bn pulled out in a day

Changpeng Zhao calls withdrawals a stress test' as investors continue to react to FTX collapse

More than a billion dollars were pulled out of Binance in a single day, according to the largest cryptocurrency exchange's founder Changpeng Zhao, as investors across the sector continue to react to the collapse of its rival FTX.

Zhao, better known as CZ, insisted that the withdrawals were simply proof of the firm footing that Binance has, calling them a stress test" and reassuring depositors that the exchange's reserves were sound.