- Binance, the world’s largest cryptocurrency exchange, paused withdrawals of the stablecoin USDC on Tuesday while it carried out a “token swap.”
- USDC withdrawals were resumed about 8 hours after Binance first announced the pausing of withdrawals.
- Changpeng Zhao, CEO of Binance, tweeted on Tuesday that the exchange is seeing an increase in withdrawals of USDC.
- The move comes as investor concerns grow about Binance’s stability following the collapse of rival exchange FTX as well as a report of a potential criminal investigation from the U.S. government.
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