Binance has been in trouble lately due to large withdrawals. Now, some users are reporting that their balance is not showing and they are unable to trade futures. CEO CZ made new statements about the allegations.
Binance is on the agenda with balance problem
The world’s largest cryptocurrency exchange announced on Tuesday that it has paused stablecoin USDC withdrawals. The move comes amid rising investor concerns about Binance’s stability following the collapse of rival exchange FTX and a possible criminal investigation report from the US government.
Currently, some Binane users on social media are saying that they cannot trade on Binance Futures. User balances also experienced problems after the exchange’s withdrawals reached $1.8 million. Users of the futures platform Binance Futures report that they cannot close their open positions, so they lose. CZ, on the other hand, said that the FUD news strengthened them…
CZ made a statement on FUD news
Binance CEO said that FUD news from his Twitter account during the day strengthened the stock market. In a long thread of tweets, he said the speculation would help unite his supporters as they form a common defensive alliance. CZ also recalls an incident that happened five years ago. Descriptions:
From day 1 of the Binance ICO (5 years ago), there was FUD sponsored at that time by a major exchange (now very small). Articles from “Why Binance ICO will fail” to “CZ can’t code” have magically appeared. We were a new venture, we could not reach all media outlets. This “rival” helped us get the word out… Since then, hardly a week has gone by without some FUD. We learned the skill of ignoring them and continuing to build.
How in danger is Binance?
cryptocoin.comAs you follow, Binance started the week with a money laundering investigation dating back to 2018. Concerns that the stock market will take a hit from the US triggered a massive FUD on social media. The exchange suspended USDC trading soon after due to heavy withdrawals. This news was one of the most concrete steps that worried investors.
CEO CZ tweeted on Tuesday that the exchange has seen an increase in the withdrawal of USDC. Any transfer from the stablecoin known as PAX and Binance’s own token, BUSD, to USDC must be routed through a New York-based bank that is not yet open, Zhao said. Zhao’s suggestion caused users to want to convert their PAX and BUSD to USDC to withdraw their funds from Binance.
The collapse of FTX and the arrest of its former CEO, Sam Bankman-Fried, has the market tense with fears of further bankruptcy. The events around the stock market decreased in these 2 altcoins due to the event.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.