Binance On USDC Outflow: Other Stablecoin Can Be Withdrawn

The CEO of Binance, Changpeng Zhao, stepped in to reassure clients after more than a billion dollars left the world’s largest cryptocurrency exchange.

After saying that the number of USD Coin withdrawals from Binance has gone up, Zhao said that “to swap from PAX/BUSD to USDC requires going through a bank in NY in USD” and that “the banks are not open for another few hours,” when Binance expects the situation to be “restored.”

Sandra Leow, a researcher at Nansen, says that about $1.6 billion worth of Ethereum has been taken off the exchange in the last 24 hours.

Since Binance was having trouble with USDC liquidity, Justin Sun, the founder of Tron, sent 100 million USDC to the exchange.

Zhao seemed to dismiss concerns that customers might have trouble getting their money out of the exchange by telling them, “Feel free to withdraw any other stablecoin” and adding an emoji of folded hands. Zhao also said there is no margin or leverage in the stablecoin exchanges.