Binance Pauses USDC Withdrawal, Over $2.3 Billion Has Been Withdrawn
When the volume of money flowing out of the exchange suddenly increased, Binance pauses USDC withdrawal and announced that it would be reopened in a few hours.
In the latest share, Binance CEO Changpeng Zhao announced that the exchange will be suspending USDC withdrawals for a few hours.
The reason for the pause in USDC withdrawals is that USDC withdrawals are increasing. But the PAX/BUSD to USDC conversion channel needs to be in USD through a bank in New York and it won’t open for the next few hours.
The volume of withdrawals from Binance has skyrocketed in the past 24 hours. As noted, more than $2.3 billion have been withdrawn from the largest exchange in the market and this number is still growing.
It seems that experiencing the sudden collapse of FTX has drained investors’ confidence. Therefore, even a small fluctuation of the market can cause a panic sell effect, especially this is the largest exchange in the market today.
Binance is currently facing a flood of FUD from users and media sites. Reuters has repeatedly pursued allegations that Binance is involved in money laundering. But this time many other prosecutors are also looking for more evidence against Binance.
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