- The Binance CEO has commented on significant USD Coin withdrawals.
- He tells customers to feel free to withdraw any stablecoins from the exchange.
- The crypto community has appreciated Binance for its actions.
According to a recent tweet, the Chief Executive Officer of Binance, Changpeng Zhao, has commented on significant USD Coin withdrawals. This comes after the world’s biggest crypto exchange experienced massive outflows.
Concretely, during the previous twenty-four hours, a total of around $1.6 billion worth of Ethereum was removed from the exchange.
After acknowledging this, Zhao explained that “to swap from PAX/BUSD to USDC requires going through a bank in NY in USD.” He also says that “the banks are not open for another few hours,” at which point Binance expects the situation to be “restored.” However, according to the CEO, withdrawals from the exchange have not been affected.
Seemingly dismissing concerns that customers may have any problems removing funds from the exchange, Zhao encouraged users to “feel free to withdraw any other stablecoin”
Tron’s creator, Justin Sun, has reportedly invested USD 100 million worth of tokens into the exchange as a show of support for the beleaguered cryptocurrency trading platform. This might help ease the market’s anxiety, as reported by Cryptonewsland.
According to recent reports, the cryptocurrency exchange known as Binance may be the target of allegations of money laundering. It’s possible that Changpeng Zhao is a target of the claims as well.
On the other side, the crypto community has appreciated Binance for its actions and concern towards its actions of transparency. It is to be seen how the behemoth crypto exchange will fair out amid ongoing speculation.
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