Read the full memo the CEO of Binance sent to staffers after the exchange was hit by more than $1 billion of withdrawals in a day amid the FTX fiasco

On Tuesday, jittery investors withdrew more than a billion dollars from the world's largestcryptocurrencies exchange. Changpeng "CZ" Zhao, the company's CEO, sent a memo to staffers where he seemed to try to soothe market fears in the wake of the FTX collapse.

"Binance will survive any winter," the memo said.

The biggest single day withdrawal on the exchange since June was on Tuesday.

In the seven days preceding December 13, the data was compiled and reported by Insider's Phil Rosen.

"We saw some withdrawals today (net $1.14 billion ish)," the public account for the company said. This is not the first time we have seen this. We have some days where we have net deposits and some days where we have net withdrawals. It's business as usual.

—CZ 🔶 Binance (@cz_binance) December 13, 2022

The next several months are expected to be bumpy. The company will get through this challenging period, he said.

With all that is going on, we know that we are at a historic moment in the industry. This organization was constructed to last.

Insider asked for comment on this story, but it was not responded to.

The memo was sent to staff on Tuesday.

The team.

Some of the latest news about Binance may have been read by you. The aftermath of the FTX implosion has brought with it a lot of questions. Even though the news stories do not always reflect it, we can answer the tough questions thrown at us.

We are in a good financial position despite today's news. We process a lot of money on a daily basis. The capital structure of the company is debt free and all user assets are backed1:1. We keep hot wallet balances to make sure we always have enough money to fulfill withdrawal requests.

Because we convertUSDC to BUSD in order to retain large liquidity pools, we generally retainUSDC deposits for future withdrawals. Many people deposited BUSD orUSDT in order to withdrawUSDC. We need to convert when this occurs. The current conversion channels are not easy to use. The bank in NY is slow and we have to use US Dollars. Going forward, we will make this better.

We know that we are at a historic moment in the field of digital currency. This organization was constructed to last. If we keep offering users the best product, user experience, and trading environment, we will survive any winter.

We will get through this challenging period and be stronger for having been through it. I'm proud of the business we've built together and I'm grateful to each of you for your dedication and hard work.

"Cz" is the name of the person.