Binance Issues Temporary Pause on USDC Withdrawals Binance paused withdrawals of stablecoin USDC Tuesday (Dec. 13) as it conducted a “token swap.” “On USDC, we have seen an increase in withdrawals,” Chanpeng Zhao, CEO of the world’s largest cryptocurrency exchange, tweeted at 3:21 a.m. “However, the channel to swap from PAX/BUSD to USDC requires going through a bank in NY in USD. The banks are not open for another few hours.” PAX/BUSD refers to two other digital tokens: Paxos Standard and Binance USD. Zhao added that these are “1:1 conversions, no margin or leverage involved.” He said Binance will eventually try to establish more fluid swap channels, and said users were free to withdraw any other stablecoins. The move comes as Binance finds itself in the spotlight following the collapse of rival crypto exchange FTX, as well as recent reports of a U.S. government investigation into its activities. A report by Reuters Monday said a probe into the company was still underway, though prosecutors were apparently at odds on whether to charge the exchange — along with Zhao and other executives — now or take more time to review evidence. Full Article: <a rel="noreferrer nofollow noopener" href="https://www.pymnts.com/cryptocurrency/2022/binance-issues-temporary-pause-on-usdc-withdrawals/" target="_blank">https://www.pymnts.com/cryptocurrency/2022/binance-issues-temporary-pause-on-usdc-withdrawals/</a>