Binance CEO addresses USDC outflows: 'feel free to withdraw any other stablecoin'

Exchanges • December 13, 2022, 4:03AM EST

UPDATED: December 13, 2022, 5:20AM EST

Quick Take

Binance CEO Changpeng Zhao has addressed major USD Coin outflows.
Some $1.6 billion has been withdrawn from Binance over the past 24 hours, on the Ethereum network alone.

Binance CEO Changpeng Zhao stepped in to reassure clients after the world's biggest crypto exchange experienced more than a billion dollars of outflows.

After acknowledging that Binance has seen an increase in USD Coin withdrawals, Zhao explained that “to swap from PAX/BUSD to USDC requires going through a bank in NY in USD” and that “the banks are not open for another few hours” — at which point Binance expects the situation to be “restored.”

Some $1.6 billion on Ethereum has been withdrawn from the exchange over the past 24 hours, according to Nansen researcher Sandra Leow.

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With USDC liquidity proving to be an issue on Binance, Tron founder Justin Sun deposited 100 million USDC to the exchange.

Seemingly dismissing concerns that customers may have any problems removing funds from the exchange, Zhao encouraged users to “feel free to withdraw any other stablecoin” — adding a folded hands emoji. Zhao also noted that no margin or leverage is involved in the stablecoin conversions.

About Author

Adam is the managing editor for Europe, the Middle East and Africa. He is based in central Europe and was a managing editor and podcast host at the crypto exchange OKX's former research arm, OKX Insights. Before that, he co-founded BeInCrypto.com, which he elevated into one of the leading crypto media brands at its peak as the editor-in-chief. Earlier, he served as the editor-in-chief at Bitcoinist.com. Before joining the blockchain and crypto industry, he worked for Looper.com, Grunge.com and SVG.com. He tweets via @XBT002 and can be emailed at [email protected].