Binance clarifies USDC withdrawals were due to token swap, replenishing hot wallet

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Binance clarifies USDC withdrawals were due to token swap, replenishing hot wallet Binance clarifies USDC withdrawals were due to token swap, replenishing hot wallet Oluwapelumi Adejumo · 2 hours ago · 1 min read

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: December 13, 2022 at 9:36 am

Binance clarifies USDC withdrawals were due to token swap, replenishing hot wallet

Cover art/illustration via CryptoSlate

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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.

USDC Withdrawal Pause Binance
Source: Binance

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