Binance resumes USDC withdrawals

The cryptocurrency exchange Binance paused withdrawals of the USD Coin (USDC) stablecoin on the Tron, BNB Chain and Ethereum networks. The restrictions did not affect USDT and BUSD.

Binance is conducting a token swap involving USDC. As a result, USDC withdrawals are temporarily suspended. Withdrawals of USDT and BUSD are available and not affected. USDC withdrawals will reopen after the token swap is completed,” Binance explained.

The head of the trading platform, Binance CEO Changpeng Zhao, noted a rise in demand for USDC withdrawals. He expects the situation to recover after banks reopen in a few hours.

1:1 conversion, with no margin or leverage. We will also try to establish more channels for trading in the future. In the meantime you can withdraw any other stablecoin: BUSD, USDT and others,” Zhao wrote.

USDC withdrawals on alternative blockchains are available — Avalanche, Solana, Polygon and others.

Earlier, Binance paused withdrawals for a number of assets and restricted some user accounts due to “abnormal price movements in certain trading pairs”.

Earlier, WSJ experts warned of alarming signals in Mazars’ report on Binance’s Bitcoin reserves.

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