Bitcoin exchange Binance withdrawal of stablecoin funds suspended USD currency (USDC) on Tron, BNB Chain and Ethereum networks. The restrictions did not apply USDT it is BUSD.
#Binance is conducting a token exchange involving $USDC. Consequentially, $USDC withdrawals are temporarily suspended.$USDT & #BUSD withdrawals are available and unaffected. $USDC withdrawals will reopen once the token exchange is complete. https://t.co/CxgCGBUJEA
— Binance (@binance) December 13, 2022
“Binance is conducting a token exchange involving USDC. As a result, USDC withdrawals are temporarily suspended. Withdrawal of USDT and BUSD is available and unaffected. Withdrawal of USDC will open after the completion of the token exchange,” Binance explained.
The head of the trading platform, Changpeng Zhao, has noticed an increase in demand for USDC withdrawals. He expects the situation to recover after the banks reopen in a few hours.
“1:1 conversion, no margin or leverage. We will also try to install more sharing channels in the future. Right now, you can withdraw any other stablecoin: BUSD, USDT and others,” Zhao wrote.
USDC withdrawal is available in alternative blockchains: Avalanche, Solana, Polygon and others.
As a reminder, on December 11 Binance suspended withdrawals for a variety of activities and restricted some users’ accounts due to “abnormal price movements in some trading pairs”.
Experts previously interviewed by the WSJ embossed warning signs in the Mazars report on Binance’s bitcoin reserves.
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