Deposits are returning and 'things seem to have stabilised' at Binance, its chief executive said on Wednesday, a day after it had a sharp increase in withdrawals and paused some stablecoin transactions.
Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on keyboard in this illustration taken, November 8, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
SINGAPORE, Dec 14 - Deposits are returning and "things seem to have stabilised" at Binance, its chief executive said on Wednesday, a day after it had a sharp increase in withdrawals and paused some stablecoin transactions.in the last 24 hours and that the exchange said it "temporarily paused" withdrawals of the USDC stablecoin.
"Things seem to have stabilised," CEO Changpeng Zhao wrote in a tweet. "Yesterday was not the highest withdrawals we processed, not even top 5." The $1.9 billion of withdrawals of tokens based on the ethereum blockchain marked the largest daily outflow over a 24-hour period since June 13, the Nansen data showed.
How crypto exchanges such as Binance and its now-bankrupt former rival FTX handle customer deposits is under close scrutiny from users and regulators.
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