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.”
On USDC, we have seen an increase in withdrawals. However, the channel to swap from PAX/BUSD to USDC requires going through a bank in NY in USD. The banks are not open for another few hours. We expect the situation will be restored when the banks open. 1/2
— CZ 🔶 Binance (@cz_binance) December 13, 2022
Some $1.6 billion on Ethereum has been withdrawn from the exchange over the past 24 hours, according to Nansen researcher Sandra Leow.
Over the last 24H, there has been a $1.6b net outflow from Binance (Ethereum only).https://t.co/P62MoKmEnL pic.twitter.com/fCLnOuttnw
— sandra lmeow (@sandraaleow) December 13, 2022
With USDC liquidity proving to be an issue on Binance, Tron founder Justin Sun deposited 100 million USDC to the exchange.
Seemingly dismissing concerns that customers may have any problems removing funds from the exchange, Zhao encouraged users to “feel free to withdraw any other stablecoin” — adding a folded hands emoji. Zhao also noted that no margin or leverage is involved in the stablecoin conversions.
