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News

CZ Addresses USDC Outflows: ‘Feel Free To Withdraw Any Other Stablecoin’

December 13, 2022 - Around 2 mins mins to read
Following more than a billion dollars in withdrawals from the largest cryptocurrency exchange in the world, Binance CEO Changpeng Zhao (CZ) intervened to reassure customers.
CZ Addresses USDC Outflows Feel Free To Withdraw Any Other Stablecoin

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Some $1.6 billion on Ethereum has been withdrawn from the exchange over the past 24 hours, according to Nansen researcher Sandra Leow.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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

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Binance CEO

Changpeng Zhao

CZ

Stablecoin

USDC Outflows

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

CZ Addresses USDC Outflows: ‘Feel Free To Withdraw Any Other Stablecoin’

Following more than a billion dollars in withdrawals from the largest cryptocurrency exchange in the world, Binance CEO Changpeng Zhao (CZ) intervened to reassure customers.
CZ Addresses USDC Outflows Feel Free To Withdraw Any Other Stablecoin

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News

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