Cryptocurrency exchanges have suspended USDC withdrawals on account of large withdrawals from Binance. Nonetheless, Changpeng Zhao stated the choice is non permanent.
On December thirteenth, Binance introduced that it had briefly suspended withdrawals of USDC, its dollar-pegged stablecoin, on account of a token swap. The corporate emphasised that USDT and BUSD withdrawals will stay unchanged.
Binance CEO Changpeng Zhao stated on Twitter that there have been large withdrawals of stablecoins from exchanges. Nonetheless, he argued that stablecoins would turn out to be out there once more after New York’s banks opened.
In keeping with a latest report by knowledge agency Nansen, $1.9 billion was withdrawn from Binance within the final 24 hours. The turmoil got here after Proof of Reserve (PoR) information unfold panic amongst traders.
The cryptocurrency neighborhood is strained by considerations about additional contagion within the trade following the collapse of FTX and the arrest of former CEO Sam Bankman-Fried.
