Crypto Alternate Binance Briefly Halts USDC Stablecoin Withdrawals

Zhao mentioned that any transfers into USDC from the stablecoin often known as PAX, in addition to Binance's own token BUSD, require routing by way of a bank based in New York which is not but open. The suggestion from Zhao is that users are looking to transform their PAX and BUSD into USDC in order to withdraw their funds from Binance.

Tether Restricted additionally ran into authorized points resulting from its relationship with Bitfinex. In 2019, the new York Attorney Normal sued the two companies. It alleged that in 2018, when $850 million in Bitfinex's funds went missing, it used $seven-hundred million from Tether's reserves to help cowl the loss. Although the businesses didn't admit any wrongdoing, the owner paid an $18.5 million advantageous in 2021.

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