Binance CEO Changpeng Zhao stepped in to reassure his customers after the world’s largest crypto exchange experienced more than a billion dollars outflow. Zhao also urged users to “don’t hesitate to withdraw any other stablecoin.” Here are the details…
Binance CEO tries to stop panic
After acknowledging that Binance has seen a surge in USD Coin (USDC) withdrawals, Zhao said that “to switch from PAX/BUSD to USDC requires going through a bank in New York with a USD-denominated transaction” and that “banks will not be open for a few more hours.” ” he explained. At this point, Binance is waiting for the situation to be “fixed”. According to Nansen researcher Sandra Leow, approximately $1.6 billion in Ethereum has been withdrawn from the exchange in the last 24 hours.
cryptocoin.com As we reported, when USDC liquidity turned out to be a problem at Binance, Justin Sun, the founder of Tron, invested 100 million USDC in the stock market. He apparently dismissed concerns that customers might have trouble withdrawing money from the exchange. He encouraged users to “not hesitate to attract any other stablecoin.” Zhao also noted that no margin or leverage is involved in stablecoin conversions. Zhao used the following statements:
These are 1:1 conversions, no margin or leverage. We will also try to create more liquid trading channels in the future.
USDC withdrawals suspended
Binance CEO also urged users to withdraw funds using other stablecoins such as USDT and BUSD. The official account of the exchange also tweeted about the issue, saying that it has temporarily paused USDC withdrawals as it exchanged a token containing the stablecoin. According to the official status page, USDC withdrawals have been suspended on the Ethereum (ETH) and Tron (TRX) Blockchains as their hot wallets are being replenished. In turn, it has stopped withdrawals on the BNB Beacon Chain as it is undergoing maintenance.
What cryptocurrencies can users withdraw?
Binance has many stablecoins besides USDC. The largest among them is Tether (USDT). It is followed by Dai (DAI), Frax (FRAX), Pax Dollar (USDP), True USD (TUSD), USDD (USDD), Neutrino USD (USDN) and Fei USD (FEI). So these are among the other stablecoins featured in Changpeng Zhao’s tweet.
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