[CNBC] Binance CEO Changpeng Zhao on Wednesday said that the situation has “stabilized” at his cryptocurrency exchange, in a bid to assuage investors’ fears after the company was forced to halt withdrawals of a stablecoin.
Zhao said that around $1.14 billion of net withdrawals took place on Tuesday, but tweeted that this was “not the highest withdrawals we processed, not even top [five].” The CEO said deposits are returning to Binance.
His comments come after Binance temporarily halted withdrawals of the USDC stablecoin on Tuesday, while it carried out a “token swap.” Zhao said Binance had seen an increase in USDC withdrawals.
The pausing of withdrawals was due to the fact that some currency swaps had to be routed through an unspecified bank in New York that wasn’t open, according to Zhao. Binance resumed withdrawals after about eight hours downtime. [FULLSTORY]
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