--- title: "Circle CEO Backs Binance Despite $6.3 Billion Hack: ‘Remains an Extraordinarily Powerful Platform’ With 'Incredibly Strong' Reach" type: "News" locale: "en" url: "https://longbridge.com/en/news/304392348.md" description: "Circle CEO Jeremy Allaire defended Binance following a $6.3 billion hack, calling it an 'extraordinarily powerful platform' with strong reach. Circle maintains its strategic partnership and $100 million equity investment in Binance to promote USDC adoption. Despite the breach, which froze over $800 million in USDC, Allaire emphasized Binance's liquidity and distribution strength. Circle reported Q3 revenue of $864.9 million, up 17% YoY, though reserve income fell 8%. The company also incurred a $9.1 million restructuring charge." datetime: "2026-11-05T04:22:14.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/304392348.md) - [en](https://longbridge.com/en/news/304392348.md) - [zh-HK](https://longbridge.com/zh-HK/news/304392348.md) generator: "portal-rs" --- # Circle CEO Backs Binance Despite $6.3 Billion Hack: ‘Remains an Extraordinarily Powerful Platform’ With 'Incredibly Strong' Reach **Circle Internet Group Inc.** (NYSE:CRCL) CEO **Jeremy Allaire** on Wednesday defended **Binance** (CRYPTO: BNB) after its $6.3 billion hack, saying the cryptocurrency exchange remains a strategically important partner. ## ‘Tremendous Opportunity’ During the company’s third-quarter earnings call, Allaire addressed Circle’s expanded partnership with Binance, which involves a $100 million equity investment from the world’s largest cryptocurrency trading platform. As part of the deal, Binance will promote and integrate **USDC** (CRYPTO: USDC) across its platform, while Circle will support the stablecoin through its Modular Smart Contract Wallet infrastructure. “I think having a platform with several hundred million people in the most important, critical markets, putting USDC front and center is a tremendous opportunity for us,” he added. “And so we’re very excited about what that can be and how that will develop and transpire.” **Read Also: Trump to Pardon Elon Musk Soon? Crypto Punters Bet as Ross Gerber Calls GOP Midterm Loss 'Worst Possible Outcome' for SpaceX CEO** ## Binance Heist ‘Huge,’ but Exchange Remains ‘Incredibly Strong’ When asked whether Binance’s security breach, which resulted in losses exceeding $6 billion, would affect the partnership, Allaire acknowledged that it’s a “huge” figure. “I think Binance remains an extraordinarily powerful platform. Their liquidity, distribution, and reach remain incredibly strong,” Allaire said. Circle confirmed freezing more than $800 million in USDC, one of the biggest casualties of the heist. Binance faced heavy withdrawal pressure following the incident. The exchange recorded more than $10 billion in net outflows over the past week, though it saw $774 million in net inflows in the last 24 hours, according to DeFiLlama. “I do think that global regulators are absolutely going to continue to put further scrutiny on cyber, on security infrastructure,” Allaire stated. ## Circle’s Reserve Income Falls Circle’s latest results also highlighted the financial importance of USDC adoption. Third-quarter revenue reached $864.888 million, up 17% year over year and beating the consensus estimate of $778.121 million. Reserve income, interest earned on assets backing USDC, declined 8% to $658 million, though average USDC circulation jumped 8%. The company’s results included a $9.1 million restructuring charge tied to a workforce reduction of about 5% **Price Action**: Circle shares fell 0.14% in after-hours trading, according to Benzinga Pro. The stock closed 1.17% higher at $76.12 during Wednesday’s regular trading session. **Benzinga’s Edge Stock Rankings** show Circle Stock’s Momentum ranking in the 14th percentile and its Value ranking in the 40th percentile. **See More: Top Growth Stocks** *Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.* *Photo Courtesy: Thrive Studios ID on Shutterstock.com* ### Related Stocks - [CRCL.US](https://longbridge.com/en/quote/CRCL.US.md) - [CCUP.US](https://longbridge.com/en/quote/CCUP.US.md) - [CIR.US](https://longbridge.com/en/quote/CIR.US.md) - [CRCA.US](https://longbridge.com/en/quote/CRCA.US.md) - [CRCD.US](https://longbridge.com/en/quote/CRCD.US.md) - [CRCG.US](https://longbridge.com/en/quote/CRCG.US.md) - [CRCO.US](https://longbridge.com/en/quote/CRCO.US.md) - [CRY.US](https://longbridge.com/en/quote/CRY.US.md) - [ICRC.US](https://longbridge.com/en/quote/ICRC.US.md) ## Related News & Research - [Circle's 'Big Quarter' Revenue Jumps 17% but Analysts Remain Skeptical](https://longbridge.com/en/news/304324835.md) - [Circle cuts workforce by ~5%, impacting Q3 charges](https://longbridge.com/en/news/304486188.md) - [Circle Q3 2026 operating income more than doubles year-over-year to $208.33 million](https://longbridge.com/en/news/304264925.md) - [Circle reports $865M Q3 revenue – Can USDC challenge Tether’s dominance?](https://longbridge.com/en/news/304541552.md) - [Circle Internet Group, Inc. (CRCL) Reports Q3 2026 Results; Financial Figures Not Provided](https://longbridge.com/en/news/304265054.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**