Coinspeaker
Binance Resumes USDC Withdrawals after Temporary Pause, Sees Massive Outflows
Binance, the world’s largest cryptocurrency exchange by trading volumes, has resumed the withdrawal of USDC stablecoin after pausing it temporarily for a few hours. On Tuesday, December 13, Binance had initially paused withdrawals due to a “token swap” and due to inadequate USDC reserves on the platform.
Binance and USDC Withdrawals
As per the data from Nansen, crypto exchange Binance holds a large majority of stablecoins worth $11.5 million in Paxos-issued BUSD. To increase its USDC reserves, the exchange made an effort to swap its BUSD holdings with USDC.
But Binance chief Changpeng Zhao explained that token swaps into USDC required routing funds through a New York bank that was not yet open. In a tweet on Tuesday, CZ noted:
“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 o
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