Binance CEO Changpeng ‘CZ’ Zhao blamed banks for the exchange’s delay in processing USD Coin (USDC) withdrawals in a December 13 tweet.

CZ added:

“These are 1:1 conversions, with no margin or leverage involved. We will also try to establish smoother exchange channels in the future.”

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

The official account of the exchange also tweeted about the issue, saying that it temporarily halted USDC withdrawals due to conducting a token swap involving the stablecoin.

According to its official status page, USDC withdrawals were suspended on the Ethereum (ETH) and Tron (TRX) blockchains because their active wallets were replenishing. Rather, it stopped withdrawals on BNB Beacon Chain because it was undergoing maintenance.

Source: Binance

The Binance post clarifies that the USDC withdrawals were due to the token swap, the hot wallet replenishment appeared first on CryptoSlate.



This post Binance clarifies that USDC withdrawals were due to token swapping, replenishing hot wallet

was published first on https://cryptoslate.com/binance-clarifies-usdc-withdrawals-were-down-due-to-token-swap-replenishing-hot-wallet/

Author

Write A Comment