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Binance Pauses USDC Withdrawals, Here's What's Happening

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Tue, 13/12/2022 - 11:27
Binance Pauses USDC Withdrawals, Here's What's Happening
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Chinese crypto journalist Colin Wu has reported that the largest exchange by trading volume, Binance, which is currently facing massive outflows, has put withdrawals of USDC stablecoin on pause.

USDC withdrawals from Binance on pause

The tweet further stated that, according to CZ, the pause was necessary since people are converting PAX/BUSD into USDC, attempting to move the latter from Binance.

This process requires funds going through a bank in New York in USD. As soon as the banks open in a few hours, per Changpeng Zhao (CZ), withdrawals will be restored.

As for withdrawals of USDT and BUSD, those are functioning properly.

As was reported earlier by U.Today, the U.S. prosecutor's office is considering charging Binance with money laundering, so over the past 24 hours, massive withdrawals of crypto have taken place, mainly of Ethereum and ERC20 tokens.

Related

Investors moving their funds off Binance, CZ blames FUD

The recent outflow of crypto from the exchange has come close to $2 billion. Binance's CZ responded to the news about possible charges, saying that this is FUD (fear, uncertainty, doubt).

He posted a thread, showing that FUD has been following Binance since its ICO in 2017, when there were numerous articles spreading negative news about the young crypto exchange as it was raising funds for launch.

CZ claimed that FUD also helped Binance as many decided to invest in the ICO since they believed that a lot of negative news can certainly be only about a promising project.

Meanwhile, Binance's native BNB token has been plunging heavily. Since the start of the week, BNB has lost over 10%. In the past 24 hours, it dropped by 5.61%. By now, however, it has regained a portion of its losses, rising 2.54% and trading at $266 per unit at the time of this writing.

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