In an unexpected move, the world’s largest cryptocurrency exchange, Binance, has temporarily halted USDC (USD Coin) withdrawals. This news sent a few tremors through the crypto community but doesn’t seem to be very serious according to the exchange.
USDC is a stablecoin backed one-to-one by the U.S. dollar. It is one of the most popular stablecoins used as a medium of exchange in the crypto world. The decision to halt USDC withdrawals was made due to “technical difficulties”.
Changpeng Zhao, CEO of Binance tweeted:
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
The Binance CEO also tweeted out his belief that his exchange is receiving a huge amount of FUD. He expressed annoyance but said that in spite of the negativity B
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