Bitcoin Exchange Binance’s USDC Decision Caused Panic! Cz Made Statement!

Yesterday BinanceWe have mentioned that negative news from WSJ and Reuters about .

After the news spread, we followed a large number of withdrawal requests from investors who did not want to keep their funds on Binance.

Binance CEO recently stated that there is a slowdown in USDC withdrawals due to the large number of USDC withdrawals.

He shared that USDC withdrawals are temporarily paused on Binance.

According to Cz’s statement, the switch from PAX/BUSD to USDC requires USD-denominated transactions from a bank in NY, and banks in the US are currently closed. It seems that there was a slowdown as a withdrawal request came from the fund that was kept ready for the shooting.

Cz stated that he expects this situation to improve after the opening of the bank.

While a bad example like FTX was in the memory of investors, the stress-testing of Binance created an atmosphere of panic.

However, Cz stated that this situation is temporary and other shooting processes are continuing.

Also, implying that there is no problem in the funds of the stock market and making a show of strength, Cz gave the message “Do not hesitate to withdraw BUSD and USDT”.

These are 1:1 conversions, no margin or leverage involved. We will also try to establish more fluid swap channels in the future. In the meantime, feel free to withdraw any other stable coin, BUSD, USDT, etc. 🙏2/2

— CZ 🔶 Binance (@cz_binance) December 13, 2022

Meanwhile bitcoin It continues its sideways movements steadily above $17,000.

Talking about Justin Sun investing $100 million USDC in Binance, Cz said, “I don’t know much about the details of this, but it’s part of distributing BUSD on Tron and it’s about cross-chain swap.”