Cryptocurrency exchange Binance has decided to temporary suspend the withdrawal of funds in the stablecoin USD Coin (USDC).
According to the company CEO Changpeng Zhao, the exchange has made the decision due to a suspicious surge in investor activity, as they have started to massively withdraw USDC from their exchange wallets.
At the moment, withdrawals from Binance have already resumed. The Binance CEO has clarified that the conversion of USDC into US is carried out through a bank in New York.
Binance has said that stablecoin outflows amounted to at least $5.2 billion yesterday.
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