<p>With Coinbase's shares are at an all-time low, CEO Brian Armstrong sent out a memo to staff reassuring them that unlike other struggling or failed crypto exchanges, their company would persevere.</p> <p>“This is our moment to shine,” wrote Armstrong in a communication obtained by The Block. “It was not always easy, as we saw competitors skirt rules and rocket up in value and media attention.”<br /> <br /> Armstrong also urged employees to be “prepared to serve” customers amid market volatility, citing what he called “large withdrawals happening on Binance” as potentially a contributing factor.</p> <p>The 39-year-old chief executive also sought to remind staff that Coinbase does not have material exposure to rival Binance, <span style="font-weight: 400;">safely stores customer assets</span> and possesses $5 billion on its balance sheet. Coinbase shares closed Tuesday's trading session below $39 apiece, marking an all-time low. <br /> <br /> The comments come on the heels of weeks of turmoil spurred by liquidity uncertainty and crisis, bankruptcies and layoffs spurred by the collapse of multi-billion dollar crypto exchange FTX.</p> <div class="c-message_kit__gutter"> <div class="c-message_kit__gutter__right" role="presentation" data-qa="message_content"> <div class="c-message_kit__blocks c-message_kit__blocks--rich_text"> <div class="c-message__message_blocks c-message__message_blocks--rich_text" data-qa="message-text"> <div class="p-block_kit_renderer" data-qa="block-kit-renderer"> <div class="p-block_kit_renderer__block_wrapper p-block_kit_renderer__block_wrapper--first"> <div class="p-rich_text_block" dir="auto"> <div class="p-rich_text_section">Ever since FTX customers demanding to withdraw funds contributed to the exchange's downfall the industry has been on high alert. Binance, the world's largest cryptocurrency exchange platform by daily volume, <a class="c-link" tabindex="-1" href="https://www.theblock.co/post/194511/binance-resumes-usdc-stablecoin-withdrawals-after-temporary-pause" target="_blank" rel="noopener noreferrer" data-stringify-link="https://www.theblock.co/post/194511/binance-resumes-usdc-stablecoin-withdrawals-after-temporary-pause" data-sk="tooltip_parent" data-remove-tab-index="true">has seen since Monday</a> a net outflow of over $2 billion in various crypto assets, <a class="c-link" tabindex="-1" href="https://twitter.com/Merkle3_/status/1602620827924631552" target="_blank" rel="noopener noreferrer" data-stringify-link="https://twitter.com/Merkle3_/status/1602620827924631552" data-sk="tooltip_parent" data-remove-tab-index="true">according to</a> estimates from Simon Cousaert, director of data at The Block. </div> </div> <div> </div> </div> </div> <div> <div class="c-message_kit__gutter"> <div class="c-message_kit__gutter__right" role="presentation" data-qa="message_content"> <div class="c-message_kit__blocks c-message_kit__blocks--rich_text"> <div class="c-message__message_blocks c-message__message_blocks--rich_text" data-qa="message-text"> <div class="p-block_kit_renderer" data-qa="block-kit-renderer"> <div class="p-block_kit_renderer__block_wrapper p-block_kit_renderer__block_wrapper--first"> <div class="p-rich_text_block" dir="auto"> <div class="p-rich_text_section">Binance claims to hold more than <a class="c-link" tabindex="-1" href="https://portfolio.nansen.ai/dashboard/binance" target="_blank" rel="noopener noreferrer" data-stringify-link="https://portfolio.nansen.ai/dashboard/binance" data-sk="tooltip_parent" data-remove-tab-index="true">$60 billion</a> worth of assets across all of its wallets. Binance's BNB token dipped 2.1% today after the company resumed USDC withdrawal requests around midday EST. The exchange had temporarily stopped processing withdrawals due to inadequate reserves on the platform, according to Binance CEO Changpeng Zhao.</div> </div> </div> </div> </div> </div> </div> </div> <div class="c-message_actions__container c-message__actions" role="group"> <div class="c-message_actions__group" role="group" aria-label="Message actions" data-qa="message-actions"> </div> </div> </div> <div class="p-block_kit_renderer" data-qa="block-kit-renderer"> <div class="p-block_kit_renderer__block_wrapper p-block_kit_renderer__block_wrapper--first"> <div class="p-rich_text_block" dir="auto"> <div class="p-rich_text_section"><em>Frank Chaparro contributed reporting.<br /> </em></div> <div> </div> <div> <div class="c-message_kit__blocks c-message_kit__blocks--rich_text"> <div class="c-message__message_blocks c-message__message_blocks--rich_text" data-qa="message-text"> <div class="p-block_kit_renderer" data-qa="block-kit-renderer"> <div class="p-block_kit_renderer__block_wrapper p-block_kit_renderer__block_wrapper--first"> <div class="p-rich_text_block" dir="auto"> <div class="p-rich_text_section"><i data-stringify-type="italic">Disclaimer: Beginning in 2021, Michael McCaffrey, the former CEO and majority owner of The Block, took a series of loans from founder and former FTX and Alameda CEO Sam Bankman-Fried. McCaffrey resigned from the company in December 2022 after failing to disclose those transactions.</i><span class="c-message__edited_label" dir="ltr" data-sk="tooltip_parent"> (edited) </span></div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>