Binance prevents users from withdrawing funds in USDC

Representatives of the largest cryptocurrency exchange reported that at the moment they are conducting operations with one of the main stablecoins, USDC, on the Tron, BNB Chain and Ethereum networks. Due to such circumstances, Changpeng Zhao’s company is not yet able to offer its clients withdrawals in this stablecoin.

If users want to withdraw funds, then they need to choose other cryptocurrencies for this or transfer money to fiat. It is noteworthy that such news did not affect the USDT and BUSD stablecoins.

Binance's official announcement says the following:

Binance is hosting a token swap involving USDC. As a result, USDC withdrawals are temporarily suspended. Withdrawal of USDT and BUSD is available and unaffected. USDC withdrawal will open after the completion of the token exchange.

Changpeng Zhao also noted that there is an increased demand on Binance for withdrawing funds in USDC. According to him, the situation should be restored in a few hours.

Recently, there was another limitation implemented by Binance representatives. On the main cryptocurrency exchange , it was impossible to conduct transactions with such tokens as ARDR, SUN, FUN and GLM . The reason for this was the anomalous jumps in the value of assets, due to which cunning speculators could dishonestly earn quickly and a lot of financial resources. Binance began to understand what was going on and track this activity, and therefore temporarily suspended the withdrawal of tokens.

Earlier, we also talked about the fact that experts do not quite trust the testimony of the Mazars analysis with the Binance exchange. According to them, the audit was not objective enough, and experienced experts talk about alarming bells that can be observed in the case of the exchange. You can read about it in our material .