Binance experienced a historic day and stress test yesterday after several rumors and FUD surfaced. As Bitcoinist reported yesterday, most of it was indeed FUD while the Proof of Reserves is raising some question marks.

Crypto investors are still moving their Bitcoin off exchanges, but not necessarily to sell it. The amount of BTC held off-exchange is now at its highest-ever level suggesting long-term confidence in the asset.

Binance CEO Changpeng “CZ” Zhao on Wednesday said deposits are coming back to the crypto exchange. The FUD surrounding Binance facing FTX contagion and the DOJ probe caused massive withdrawals from the crypto exchange in the last few days. The investors panicked and sold or transferred their crypto holdings from Binance. Binance CEO reassured customers that things are now stabilized. The crypto exchange has processed more withdrawals than current withdrawals during the Terra-LUNA or FTX crisis. (coingape)

United States crypto exchange Binance US has finally rolled out its Binance Pay service — some 22 months after the feature was launched by the global exchange to its customers outside the U.S. in 2021. The service, which was rolled out a beta version globally in Feb. 2021 for peer-to-peer payments before expanding to include merchant transactions on Mar. 12, allows mobile users of the Binance app to instantly transact nearly 150 supported cryptocurrencies without fees. (Cointelegraph)

Crypto exchange Binance faced the largest stablecoin (BUSD+USDT+USDC) outflows in 24 hours, amounting to $2.159 billion. Despite the recent wipeout, Nansen estimates that Binance still holds $30 billion worth of stablecoins, whereas the value of the total assets sits at $58.79 billion. The BUSD amount represents 26.38%, and the USDT amount represents 21.17% of the total assets. (cryptoslate)

The feature has been available to Binance customers outside the U.S. since February 2021 when it was <a href="https://www.coindesk.com/business/2021/02/03/binance-says-it-wants-to-get-more-people-using-crypto-with-its-new-payments-service/">first launched</a>. Back then, Binance founder and CEO Changpeng “CZ” Zhao said payments is one of the "most obvious use cases for crypto."

Binance had an audit carried out that left essential questions unanswered. At the same time, trouble seems to be looming in the form of a possible indictment by the US Justice Department.

Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) rallied 6.3% to $1,350 on Dec. 13, mimicking a similar failed attempt that took place on Nov. 10. Despite reaching the highest level in 33 days, the gains were not enough to instill confidence in traders according to two key derivatives metrics.

Another 37,371,039 XRP worth $14 million moved from Binance to an unverified destination. Part of Binance’s outflows – which now amount to more than $1 billion – could partly be tied to the irregularities on the exchange’s recently declared proof of reserves by Mazars.

Binance, the world's largest cryptocurrency exchange platform by daily volume, temporarily stopped processing USDC withdrawals due to inadequate USDC reserves on the platform, <a href="https://twitter.com/cz_binance/status/1602579499903852544">according</a> to Binance CEO Changpeng Zhao.