Binance, the world's largest cryptocurrency exchange platform by daily volume, temporarily stopped processing USDC withdrawals due to inadequate USDC reserves on the platform, according to Binance CEO Changpeng Zhao.
Users have been withdrawing large amounts of funds from Binance, including USDC and other stablecoins. Since yesterday, Binance has seen a net outflow of over $2 billion in various crypto assets, according to estimates from Simon Cousaert, director of data at The Block.
Binance claims to hold more than $60 billion worth of assets across all of its wallets.
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