Cointime

Cointime

Download App
iOS & Android

Binance Pauses USDC Withdrawals to Conduct Token Swap Involving BUSD

Validated Media

The largest cryptocurrency exchange Binance announced on Tuesday it has temporarily suspended withdrawals of Circle’s stablecoin, USD Coin (USDC). The exchange said the move is meant to enable them to facilitate a token swap involving its affiliated stablecoin, BUSD, amid an increase in withdrawal requests for USDC.

Binance Temporarily Halts USDC Withdrawals

Recall in September that Binance stopped supporting certain stablecoins, including USDC. All users’ USDC deposits to the exchange would be automatically converted to BUSD, in a ratio of 1:1. However, they are still provided with an option to withdraw the affected stablecoin via a process that requires the auto-converted BUSD to be swapped back.

While commenting on the development, CZ said the process of swapping from “PAX/BUSD to USDC” could tarry for hours because the funds need to go through “a bank in NY in USD,” and “banks are not open for another few hours.”

“These are 1:1 conversions, no margin or leverage involved. We will also try to establish more fluid swap channels in the future,” CZ added. “In the meantime, feel free to withdraw any other stablecoin, BUSD, USDT, etc.”

Are Funds SAFU?

Today’s development comes as Binance sees a massive increase in withdrawal requests for USDC, according to CZ. This is not entirely surprising considering the heightened level of desperation and anxiety among the users in light of the FUDs and speculations of liquidity pressure on the largest crypto exchange.

However, the comment from CZ is quite reassuring, and some people consider the line “feel free to withdraw any other stablecoin” to be affirmative. While the sheer state of Binance’s financial position remains uncertain, one reality remains that users can still withdraw USDT and BUSD from the exchange as of the time of writing.

(By Ibiam Wayas)

Related news：

CZ Blames Banks for Delay in USDC Withdrawals

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

Justin Sun Looks To Calm Crypto Market Fear As BNB Falls 8%, Withdrawals Continue on Binance

XRP Bullish Signal: Whale Withdraws $33 Million From Binance

Binance Withdrawals Surge As Concerns About Its Reserve Report Spook Traders

U.S. Justice Department Mulls Charging Binance Over Potential Money Laundering Violations: Report

US DOJ Split Over Charging Binance in the 2018 AML Investigation

BNB BNB $554.14
+0.26%
Binance
Comments

All Comments

Recommended for you

  • Uniswap’s market share in DEX has dropped to 36%

    The DEX landscape is undergoing changes, with the market share of the veteran decentralized exchange Uniswap dropping from over 50% in October 2023 to the current 36%.

  • Exowatt completes $20 million financing, a16z participates in the investment

    Startup company Exowatt announced that it is addressing the energy needs of data centers through its ceramic battery technology. The company claims that its technology can store solar energy for months, helping to cope with the rapid growth of power consumption in data centers. The company has received $20 million in seed funding, with investors including a16z and Altman. According to reports, Exowatt has accumulated 1.2 gigawatts of orders, mainly focused on data centers and cryptocurrency mining projects in the United States.

  • Singapore police investigate Worldcoin account transactions, arrest five people

    On September 10th, Singapore's Deputy Prime Minister Heng Swee Keat announced that Singaporean police are investigating seven individuals suspected of providing Worldcoin account and token trading services. This investigation involves possible violations of the Payment Services Act of 2019, and the police have arrested five people.

  • Putin: Russia "supports" Harris, calls her smile "contagious"

    According to foreign media such as TASS and Russia's Sputnik News, Jinse Finance reported that on the afternoon of September 5th local time, Russian President Putin said at the plenary session of the Eastern Economic Forum 2024 that Russia will "support" the US Democratic Party presidential candidate and vice president Harris as recommended by the US President Biden in the upcoming US presidential election. When asked how he viewed the 2024 US election, Putin said it was the choice of the American people. The new US president will be elected by the American people, and Russia will respect the choice of the American people. Putin also said that just as Biden suggested his supporters to support Harris, "we will do the same, we will support her." The report said that Putin also joked that Harris' laughter is "expressive and infectious," which shows that "she is doing everything well." He added that this may mean that she will avoid further sanctions against Russia.

  • An ETH whale repurchased 5,153 ETH with 12.23 million USDT 20 minutes ago

    A certain high-frequency trading ETH whale monitored by on-chain analyst Yu Jin bought 5,153 ETH with 12.23 million USDT 20 minutes ago.

  • CFTC: Uniswap Labs has actively cooperated with the investigation and only needs to pay a fine of US$175,000

    The CFTC has filed a lawsuit against Uniswap Labs and reached a settlement. It was found that Uniswap Labs illegally provided leveraged or margined retail commodity transactions of digital assets through a decentralized digital asset trading protocol. Uniswap Labs was required to pay a civil penalty of $175,000 and cease violations of the Commodity Exchange Act (CEA). The CFTC acknowledged that Uniswap Labs actively cooperated with law enforcement agencies in the investigation and reduced the civil penalty.

  • Federal Reserve Beige Book: Respondents generally expect economic activity to remain stable or improve

    The Federal Reserve's Beige Book pointed out that economic activity in three regions has slightly increased, while the number of regions reporting flat or declining economic activity has increased from five in the previous quarter to nine in this quarter. Overall employment levels remain stable, although some reports indicate that companies are only filling necessary positions, reducing working hours and shifts, or reducing overall employment levels through natural attrition. However, reports of layoffs are still rare. Generally speaking, wage growth is moderate, and the growth rate of labor input costs and sales prices ranges from slight to moderate. Consumer spending has declined in most regions, while in the previous reporting period, consumer spending remained stable overall.

  • Puffpaw Completes $6 Million Seed Round with Lemniscap Ventures as Participant

    Puffpaw has announced the completion of a $6 million seed round of financing, with participation from Lemniscap Ventures. The Puffpaw project plans to launch a blockchain-enabled electronic cigarette aimed at helping users reduce nicotine intake through token incentives. The project encourages users to quit smoking by recording their smoking habits and rewarding them with tokens. Puffpaw's token economics aims to cover 30% of the cost of users' first month of using their product and provide social rewards. The project also considers possible system abuse, but the issue of users potentially reporting smoking habits dishonestly is not yet clear.

  • Cointime July 7th News Express

    1, Ethereum L2 TVL rebounds slightly to above $39 billion

  • Binance: Bitcoin miners record longest streak of net selling since 2017

    Binance released its market insights for July, including:

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company