Binance clarifies USDC withdrawals were due to token swap, replenishing hot wallet Binance clarifies USDC withdrawals were due to token swap, replenishing hot wallet
Binance said USDC withdrawals were temporarily paused because the exchange was conducting a token swap involving the Circle-backed stablecoin.
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Updated: Aug. 22, 2023 at 2:46 am UTC
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Binance CEO Changpeng ‘CZ’ Zhao blamed banks for the exchange delay in processing USD Coin (USDC) withdrawals in a Dec. 13 tweet.
CZ added:
“These are 1:1 conversions, no margin or leverage involved. We will also try to establish more fluid swap channels in the future.”
The Binance CEO further urged users to withdraw funds using other stablecoins like USDT and BUSD.
The exchange’s official account also tweeted about the issue and said it temporarily paused USDC withdrawals due to conducting a token swap involving the stablecoin.
According to its official status page, USDC withdrawals were suspended on Ethereum (ETH) and Tron (TRX) blockchains because its hot wallets were being replenished. In contrast, it stopped withdrawals on the BNB Beacon Chain because it was undergoing maintenance.
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
