Don't Invest from These 10 Exchanges As Per The Binance CEO - TechHarry

TOP 10 CRYPTO EXCHANGES TO AVOID RIGHT NOW AS PER THE BINANCE CEO

The crypto market has dropped more than 60% in the past 5 to 6 months. Major crypto assets like Bitcoin, Ethereum, and Terra have reduced the value of the entire market. As the market fell, its capitalization shrank about ten times its peak value in 2018.

The decline of the crypto market has brought a catastrophic storm to crypto businesses. Several world-renowned cryptocurrency exchanges have suspended trading due to volatile market conditions. Due to multiple macroeconomic downturns, crypto investors have continued to suffer financial losses.

Also Read: CoinStats Crypto Portfolio Tracker

Recently,  Binance CEO Changpeng Zhao took to Twitter to offer advice to his followers and the crypto community following recurring instances in which crypto exchanges continued to block people. use to access or withdraw their funds. He advises investors to avoid using exchanges that are experiencing a financial crisis. Here are some of the many crypto exchanges that are in financial crisis and should be avoided during this tumultuous time.

Avoid These 10 Crypto Exchanges As Per Binance CEO

Zipmex

Zipmex, a  cryptocurrency exchange focused on Southeast Asia, recently suspended withdrawals. The company informed customers in a tweet on Wednesday, citing volatile market conditions and impending financial difficulties as reasons for the move. This crypto exchange is just another victim of extreme market conditions and should be avoided under the current circumstances. 

Celcius

Binance CEO CZ also cites the example of degrees Celsius. One of the first crypto exchanges to ban users from accessing its funds. Since Terra's major crash, the network has suffered major financial crises. The platform still owes more than $4 billion, based on reports regarding the bankruptcy filing.

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Three Arrows Capital

Three Arrows Capital is a leading crypto hedge fund that has also filed for bankruptcy after initiating liquidation in the British Virgin Islands. Its default forced major industry players to rethink their operating services and limit customer withdrawals amid the sales season that seemed to put even crypto investors on edge. professional death caught off guard. 

Vauld

Vauld is another cryptocurrency exchange that has suspended all withdrawals, trading, and deposits on its platform due to growing "financial challenges". The exchange reported that it saw around $190 million in withdrawals as the market crashed, due to the crash of TerraUSD, followed by a pause in the Celsius pullback. 

BlockFi

BlockFi is one of the largest crypto lenders in the world that has faced major financial crises during the crypto market crash. Initially, the company said it would lay off 20% of all employees. BlockFi has been affected by drastic changes in the cryptocurrency market and has suffered severe negative impacts on its day-to-day operations. 

Blockchain.com

Leading cryptocurrency exchange Blockchain.com is reported to have laid off around 25% of its workforce amid a severe economic downturn. The company recently reported that brutal bear market conditions continue to worsen the company's financial position. The company needs time to absorb its economic losses, before returning to normal.

BitPanda

Initially, BitPanda announced the decision to downsize, which caused an unprecedented shift in market sentiment, which was also catalyzed by continued inflation. The company already employs more than 1,000 people, a number that will drop to about 700. The company also revoked various job offers to deal with current financial problems.

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Crypto.com

Crypto.com is also one of many crypto exchanges that have decided to lay off about 5% of the company's employees. The company has taken this initiative to ensure sustainable growth in the long term. The team is using its strongest resources and preparing for the next bull run in the crypto market that is imminent at any time. 

Gemini

Gemini is another popular cryptocurrency exchange that has announced plans to lay off a significant portion of its staff due to unfavorable market conditions. Due to recent crypto bear market conditions,  Gemini Trust has reportedly cut 10% of its staff. Gemini said the platform will refocus on products that are now more important to the company's growth. 

2TM

2TM is another popular cryptocurrency exchange that has laid off 12% of its total workers. The company is the second largest cryptocurrency exchange in Latin America by market volume. Existing changes in the global financial landscape have forced the company to go above and beyond to reduce its operating costs.