Statement From Binance CEO About USDC: Transactions Suspended! What’s going on?

Binance CEO Changpeng Zhao (CZ) made statements about the difficulties experienced in USD Coin (USDC) withdrawals after the exits from the stock market.

CEO CZ stated that after the news made by Reuters yesterday, the exits from the stock market in the last 24 hours extraordinary increase as a result of transactions made by USDC slowing down and disruption made statements about

Binance CEO, twitter in a statement on USDC He said that the withdrawal problem was caused by the reserve bank and that they expect the problem to be solved with the opening of the banks that will be closed for a few more hours.

We’ve seen an increase in withdrawals in USDC. However, converting from PAX/BUSD to USDC requires conversion in USD from a bank in NY. Banks are not open for a few more hours. We expect the situation to improve when the banks open.

In addition, the CEO stated that stablecoin conversions are 1:1 and there is no margin or leverage. BUSD, USDT and other stablecoins He said that they can easily withdraw money with him. While CZ dismissed concerns that Clients may have any problems withdrawing funds from the exchange, users “not hesitate to withdraw any other stablecoin“He encouraged.

A new post quoting CEO CZ’s post sharing If Binance USDT and BUSD withdrawals operations continue without any problems, but USDC withdrawals reported that it is temporarily paused.

The aforementioned large money outflows were made yesterday. Reuters It gained momentum after allegations by the news agency that US prosecutors were divided and could file a lawsuit against Binance or the company’s CEO, Changpeng Zhao, at any time.

On-chain research company nansenend $3 billion of outflows from Binance within 24 hours and that $1.6 billion of these USDC outlets proved to be created.

Experts think that the reason why USDC outflows are so high may be the announcement made by Coinbase in the past days. Coinbase advised its users to switch from USDT, of which Tether is the issuer, to USDC.


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