Binance CEO Changpeng Zhao has offered reassurance to clients as the world’s biggest crypto exchange saw more than a billion dollars of outflows.
Zhao acknowledged that Binance has seen an increase in USD Coin withdrawals, and explained that “to swap from PAX/BUSD to USDC requires going through a bank in NY in USD.”
Binance has seen about $1.6 billion on Ethereum withdrawn over the past 24 hours.
With USDC liquidity proving to be an issue on Binance, Tron founder Justin Sun deposited 100 million USDC to the exchange.
Zhao dismissed concerns that customers may have problems removing funds from the exchange and encouraged users to “feel free to withdraw any other stablecoin.”
