After acknowledging that Binance has seen an increase in USD Coin withdrawals, Zhao explained that “to swap from PAX/BUSD to USDC requires going through a bank in NY in USD” and that “the banks are not open for another few hours” — at which point Binance expects the situation to be “restored.”
Some $1.6 billion on Ethereum has been withdrawn from the exchange over the past 24 hours, according to Nansen researcher Sandra Leow.
Justin Sun, the founder of Tron, deposited 100 million USDC to Binance because USDC liquidity was a problem on the exchange.
Zhao encouraged users to “feel free to withdraw any other stablecoin,” adding an emoji of folded hands, and appeared to dismiss worries that users could have any issues taking money out of the exchange. Zhao added that the stablecoin conversions don’t use leverage or margin.
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