Binance clarifies USDC withdrawals were due to token swap, replenishing hot wallet

Binance CEO Changpeng ‘CZ’ Zhao accused banks of delaying USD Coin (USDC) withdrawals in a tweet on December 13th.

CZ added:

“These are 1:1 conversions and do not include margin or leverage. We also strive to establish more liquid swap channels in the future.”

Binance CEO further encouraged users to withdraw funds using other stablecoins such as USDT and BUSD.

The exchange’s official account also tweeted about the issue, stating that it has temporarily suspended USDC withdrawals. token swap stablecoin.

According to the official status page, USDC withdrawals on the Ethereum (ETH) and Tron (TRX) blockchains have been suspended as hot wallets have been replenished. In contrast, the BNB beacon chain has suspended withdrawals due to maintenance.

USDC Withdrawal Suspension Binance
Source: Binance

A post on Binance revealed that USDC withdrawals were due to token swaps, and hot wallet refills first appeared on CryptoSlate.

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